Reuters – Gaia Capital Management’s Japan-focused hedge fund, started by a former Goldman Sachs trader, lost more than three quarters of its roughly $150 million assets (91 million pounds) in just two months as the March 11 earthquake blew aside its assumptions, a letter to investors obtained by Reuters showed.
The GAIA J-Multi Strategy Fund, which used to be one of the larger Japan-focused hedge funds in Asia and was launched by Kenichiro Nishi, saw a 44 percent plunge in March returns as the devastating earthquake triggered panic selling in markets and forced the fund to unwind all its positions.
