May 29 (Reuters) – Hong Kong-based hedge fund startup Expedition Advisors has hired Kam Bahra, former chief executive of Sparx Asia Investment Advisors, as chief operating officer, a top executive at the firm said on Tuesday.
Craig James, Expedition’s founder and former head of Asian trading at New York-based hedge fund AM Investment Partners, confirmed the hire to Reuters.
Bahra, a former Deutsche Bank executive with more than two decades of experience in the financial sector and a well known figure in the Asian hedge fund industry, left the Hong Kong unit of Japanese money manager Sparx Group at the end of last year.
Meanwhile, Sparx Sparx Group Co. (8739), Asia’s second- largest hedge fund, widened its full-year loss as performance and asset management fees dropped amid market declines on global economic concerns, according to Bloomberg.
The asset manager reported a net loss of 4.54 billion yen ($57 million) in the 12 months ended March 31, compared with 3.7 billion yen a year earlier, the Tokyo-based company said in a statement through a stock exchange. Revenue fell 37 percent to 4.49 billion yen.
Sparx posted its second straight annual loss even after cutting employee compensation and relocating to less expensive offices in Tokyo. Assets under management dropped 20 percent to 535.4 billion yen during the year, the company said.
SOURCES:
Business Insider
Bloomberg
Reuters
(Reuters) – Former chief executive of Mizuho Securities Asia Ltd, John Paul Armenio, has joined Hong Kong-based hedge fund start-up Expedition Advisors as a managing partner.
Orient Express from Global HFA Asia 