CoreVest Partners, one of the region’s pioneering hedge funds in the late 1990s, is shutting down after thirteen years in operation.
The firm’s CIO, KH Paik, has decided to return money to investors after disappointing performance in recent years and amind the uncertain global financial market outlook. The fund, which mostly invested in Asia focusing on Korea, will effectively shut down by the end of the year.
Sources say market volatility in recent months proved particularly very difficult for the long/short equity strategy.
Paik is considered among the pioneers of long/short equity hedge funds in Asia.