Turbulent markets: Motorists go about their routines with the central business district of Singapore in the background. New Silk Road’s closure comes as smaller hedge funds face increasingly tough conditions. — Bloomberg
SINGAPORE: One of Singapore’s longest-running hedge funds, New Silk Road Investment, is shutting down after weak returns and a pullback by US investors in Asia led to a sharp drop in assets.
The firm, started by two finance veterans about 16 years ago, saw assets under management plummet to US$615mil (S$787mil) as at December 2024, from almost US$2bil as recently as 2021.
