Sumitomo Mitsui Trust Holdings Said to Liquidate Japan Hedge Funds
Sumitomo Mitsui Trust Holdings Inc is liquidating a Japanese hedge fund after investors withdrew money following poor performance. This adds to the list of casualties as the industry suffers its biggest outflows since 2009.
“The firm’s asset management unit is liquidating its Sumi Trust Japan L-S I Alpha after client redemptions cut assets to just over $10 million.”
The firm’s asset management unit is liquidating its Sumi Trust Japan L-S I Alpha after client redemptions cut assets to just over $10 million. The fund was launched in 2007 and had assets peaking at about $100 million in 2012. Money managers and hedge funds in Japan have been hit hard as they struggle to anticipate how the central bank’s policy of negative interest rats and asset purchases would impact markets.
Related Reports: Bloomberg
About Sumitomo Mitsui Trust Holdings
With trust banking at its core, Sumitomo Mitsui Trust Holdings, Inc. will focus on the management of business operations, as the holding company of Sumitomo Mitsui Trust Group, and sets the following (1) – (6) as its key functions:
- Formulating group management strategy
- Allocation of management resources
- Monitoring administration of business activities
- Supervising risk management
- Supervising compliance management
- Managing internal auditing
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