Launches & Closures

Industry consolidation gathers pace again


The Asian hedge fund industry is beginning to see the next wave of consolidation, something AsiaHedge has been predicting for some time.

Among the latest firms to exit the region is US-based Vicis Capital, a volatility hedge fund that ran $5 billion at its peak in 2008. Vicis, which recently closed its Hong Kong office, is winding down its funds after receiving nearly $3 billion in redemption requests late last year. Eric Xia, who had moved to Hong Kong from Vicis' New York headquarters in late 2008 to head the Asia operations, is no longer with the firm,