Launches & Closures

ICH shuts Phoenix fund, citing poor investor appetite and rising costs

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A fund ran by a former manager from the Singapore Government Investment Corp (GIC) has shut down two years after it was launched.

Singapore-based ICH Asset Management’s Asia Phoenix Absolute Return Fund, a Cayman-registered long/short equity fund that invested in markets across Asia ex Japan, recorded an -8.29 % loss in 2011 as compared to the 5.5% return it made in the ten months it was operating in 2010.
 
The fund invested in markets such as China, Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan and Thailand.

Asia Phoenix’s portfolio manager Dennis Lee says ICH decided to return money to