Hong Kong-based firm Richland Capital Management is shutting down its hedge fund operation in an unexpected move.
Reuters reported that Richland, whose hedge fund business outperformed its peers in Asia, is set to liquidate its funds Tuesday. A reason for the closure was not disclosed.
Richland is one of a slew of hedge funds who have shut down in Asia in the past year due to difficulty raising assets.
One of the best-known firms in the region, Richland manages about $100 million in assets between two hedge funds and also advises clients in a separate business worth an additional $150 million.