Mergers & Acquisitions / Joint Ventures

Hong Kong’s DragonBack morphs into hedge fund platform


Hong Kong-based DragonBack Capital is transitioning to a platform provider for hedge fund managers in Asia and overseas following the recent closure of its two strategies and the departure of its investment team, led by co-founder Matthew Barnett.

The firm returned capital to investors of its VolAsia Feeder volatility strategy and Asia Pacific Equity Multi-Strategy Fund in August, following a series of redemptions that began at the onset of the global recession. It had $45 million in AUM by end-April – down from $316 million in the year-ago period – and a peak of $600 million in October 2008.