HONG KONG (Reuters) – Hong Kong-based Richland Capital Management Ltd is shutting down its hedge funds despite outperforming peers, four sources said, an unexpected move for a successful operator in an Asian industry which is struggling to raise assets.<\/p>\n
Richland is one of Asia’s best-known hedge funds. It manages $100 million between two funds and advises on an additional $150 million for wealthy clients, according to a fund information document obtained by Reuters.<\/p>\n
The hedge fund, founded in 2006 by former HSBC Holdings Plc trader Alex Au with Eva Lo, who earlier worked at Credit Suisse Group AG , has made money for its main Richland Asia Absolute Return Fund each year since launch, including a 5.3 percent gain in 2008.<\/p>\n
An e-mail to Lo and Au remained unanswered. The sources, who have direct knowledge of the matter, declined to be named as they were not authorized to speak on the matter.<\/p>\n