Asian macro hedge fund winds up

One of Asia''s most successful start-ups returns money to investors amid rumours its founders are joining hedge fund giant Tudor Investments.

Investors in Pagoda Advisors, a Singapore-based Asian macro fund, say the fund is in the process of winding up and returning capital to its investors. A number believe its two founders, Ian Emmett and Julian Reiss, have been recruited by US-based Tudor Investments, although neither man was prepared to comment at this stage.

Since its launch less than a year ago, Pagoda has been viewed as a rising star of an industry traditionally dominated by equity longshort managers. The young hedge fund has seen steady returns and raised significant assets over the last year, recently hitting the $150 million mark.

The move has consequently come...

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