Fund launches & closures

FPP shutters multi-strat Japan fund

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London-based emerging markets specialist FPP Asset Management shuttered in June its multi-strategy FPP Japan Fund.

The fund, which had been in operation since November 2008, was managing just under $30 million in assets which were a mix of equities, bonds and derivatives positions.

It had delivered a 1.61% return year-to-date through May after posting a 1.94% loss last year mostly as a result of market volatility. The fund delivered its best performance in 2009 when it posted a 15.07% gain for the year, and had a compound annual gain of over 5% a year.

FPP, which was founded