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Singapore's Saka Capital closes hedge fund

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Singapore's Saka Capital closes hedge fund

Singapore-based Saka Capital is closing its credit hedgefund amid record-low interest rates, Bloomberg News reported Oct 12, citing theasset manager's CEO, Assan Din.

The asset manager is liquidating its SakaCapital LiquidCredit Fund and will return money to investors, said Din. The fund, which sawits assets peak at US$350 million in 2012, stopped trading in July.

Din said it was difficult to generate sensible returns in aliquid long-short credit fund in a zero-rate environment. He noted that SakaCapital decided to close the fund as returns going forward were expected to be5% or lower.

The closure of the fund follows several other fund closuresin Asia as investors withdraw money amid dwindling returns. Tudor InvestmentCorp. closed its Singapore trading desk, while Sumitomo Mitsui Trust HoldingsInc. is closing aJapan-focused hedge fund.