Perry Capital, the New York-based hedge fund, is shutting the doors on its Hong Kong office and cutting 30 jobs
Perry Capital, the New York-based hedge fund, is shutting the doors on its Hong Kong office and cutting 30 jobs globally sources familiar with the matter told Reuters. Founded in 1988 by Richard Cayne Perry, a Goldman Sachs alumnus, the firm has decided to cut its exposure to Asia in a bid to focus more closely on the US and markets according to the sources. Included in the job cuts is Perry’s entire staff of 16 people in the Hong Kong office. Alp Ercil, a partner and head of the firm’s Asia operations was offered the opportunity to relocate to New York or London but declined. He now plans to set up his own hedge fund according to another person familiar with matters.
In a letter to investors, as reported on DealBook, Perry Capital said that the firm had undertaken “a strategic evaluation of our business and identified our strengths and weaknesses”, adding: “There will likely be attractive, less liquid opportunities in both the US and Europe going forward, and our core team is positioned to source and execute these deals.” Some 80 hedge funds in Asia have closed this year according to Eurekahedge as performance losses begin to weigh heavy: Asia ex-Japan hedgies are currently down 12.6 per cent YTD. Last month the region also suffered its first monthly net outflows of USD1.9billion in 17 months.