Doric Capital shutters LSE fund
Doric Capital Corp, one of Hong Kong’s oldest hedge fund firms founded by former Man Group Plc executive Michael Nock (pictured) in 1999, has taken the tough decision to shut its decade-old Asia ex-Japan long/short equity fund reported Reuters this week. The firm will focus on managing its small-cap strategy – Doric Asia Pacific Small Cap Fund – according to managing director Howard Wong. The flagship Doric Focus Fund launched in October 2001 but closed in January this year having lost 28 per cent in 2011 according to a letter sent to investors. Wong was quoted as saying: “It was a tough decision to close down the Doric Fund given its long and respectable track record spanning over 10 years. Nevertheless, its less-than-splendid performance in recent years has prompted us to re-align our core competency with our goal and thus focus on the Doric Asia Pac Fund.” The USD45million small-cap strategy returned 14.5 per cent last year based on data collected by Thomson Reuters Lipper.
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