Segantii hedge fund assets fall by US$1bil

Assets of the Segantii Asia-Pacific Equity Multistrategy Fund declined to about US$4.8bil at the end of January, from nearly US$5.9bil in March 2023. — Bloomberg

HONG KONG: Simon Sadler’s Segantii Capital Management Ltd saw its hedge fund assets shrink by 18% since last March amid investment losses and redemptions, say people familiar with the matter.

Assets of the Segantii Asia-Pacific Equity Multistrategy Fund declined to about US$4.8bil at the end of January, from nearly US$5.9bil in March 2023, said the people, who requested not to be named because the matter is private.

Low single-digit performance losses in the 13 months through January suggested investors pulled hundreds of millions of dollars of capital.

Kurt Ersoy, Segantii’s chief executive officer, declined to comment.

It’s a setback for the firm, which opened the fund for more cash to boost assets to US$7bil in the first half of last year.

The development underscores how even one of the region’s largest and oldest surviving hedge funds is not spared from waning interest from the institutional investor stronghold of North America.

The combined amount overseen by Asia-focused hedge funds slipped nearly 9% from a 2021 peak through September, even as the global industry scaled new heights by the end of last year, according to estimates by Hedge Fund Research Inc. — Bloomberg