The alternative investment unit of State Street Global Advisors has closed its Japan fund of hedge funds due to declining assets.
Asian Investor reported that SSARIS had about $10 million in assets under management at the time of closure. The fund fell more than 3% in the first six months of 2012.
The Japan fund was primarily managed out of New York by SSARIS’s chief executive Mark Rosenberg and chief operating officer Jim Tomeo. It invested in hedge funds which primarily traded Japanese equities.
SSARIS’ fund of hedge funds business has approximately $1 billion in assets under management. State Street Global Advisors, the asset management division of financial services firm of Boston-based State Street Corp., has $1.8 trillion in assets under management.