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Value Partners’ profits fall 21 per cent YoY for 1H10

Hong Kong-based Value Partners Group, recently voted Asia’s leading hedge fund with USD5,654 million in AuM, has announced this week its interim results for 1H10. And whilst the fund has enjoyed a 2.7 per cent positive net inflow compared to 2009, which the firm acknowledges has been mainly driven by USD319 million in net inflows, overall net profit for the first six months has actually fallen 21 per cent from HKD116.1 million to HKD91.6 million. Average AuM has ballooned to USD5,538 million, equating to a 63.3 per cent YoY increase. Whilst this may have helped gross management fees balloon 51.7 per cent to HKD149 million, there’s no disguising the fact that market volatility has had a direct impact on profits. In its official press release, Value Partners attributes this drop mainly to the “lower unrealized mark-to-market gain of HKD3.6 million on our fund investments recorded in 2010”. Nevertheless, in what have been particularly difficult market conditions, Value Partners has managed to record a 27.1 per cent increase in total revenues. It can also be confirmed that the firm’s unaudited AuM, as of end-July, has risen to USD6 billion.

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