Launches & Closures

ICH pulls Phoenix, citing poor appetite

by

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

Singapore-based ICH Asset Management’s Asia Phoenix Absolute Return Fund, a Cayman-registered long/short equity fund that invested in markets across Asia (excluding Japan), recorded an 8.29% loss in 2011, following a 5.5% return in the 10 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, said ICH decided to return money to investors after realising that the