Hedge Fund Myriad Asset Is Quitting Hong Kong After 11 Years
by Bei Hu
Decision due to travel restrictions, Asia investment losses
Fund returned more than 12% last year and made money in 2022By Bei Hu
(Bloomberg) — Carl Huttenlocher’s hedge fund firm Myriad Asset Management Ltd. plans to shut its office in Hong Kong, the city where it was founded and based for much of its 11 years, said a person with knowledge of the matter.
Myriad made the decision after pandemic-induced curbs made it difficult for Huttenlocher and his portfolio managers to travel, and the fund’s Asian investment underperformed other strategies this year, the person added, asking not to be identified as the information is private. The firm plans to make West Palm Beach, Florida its new base, said the person.
Hong Kong is seeing an exodus of expatriates and locals as its Covid policies and national security law fuel discontent. The financial hub has seen almost 172,000 more residents leave than arrive since the start of 2021, with about 78% of the net departures occurring this year, according to official immigration data.
Myriad, which oversaw about $5.5 billion in 2018, has seen its assets decline to nearly $1.5 billion at the end of last year, said the person. At its peak, Asia accounted for as much as 95% of its investments. A mid-2020 restructuringenvisioned Asia’s weight would fall to half, with fewer portfolio managers at the firm.
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