UK-based hedge fund manager Wessex Asset Management has shuttered three funds, including the Wessex Asia Fund, a long/short fund focussed on Asian markets outside Japan. All three funds have dwindled in size, prompting the directors of the company to shut them down.
The other funds axed were the Wessex Gold Fund and the Wessex Natural Resources Fund.
In a letter to investors, Douglas Sloane, director for marketing, says the three funds “are now too small to have any realistic prospect of growing back to critical mass”.
Sloane says the group still believes in the value investing proposition in