The Hong Kong-based fund started in 2004 with $6 million in assets under management and its meteoric rise over two years took it to over $800 million.
It is understood that its partners, ex-Lehman employees Huy Hoang, Charle Peza and Nami Hamada, will split following a debate about the future direction of the fund. It is understood that they all plan to stay in the asset management sector via new incarnations, and clarification on the details of those new vehicles is expected shortly.
Efforts to contact the principals by press time via phone and email were unsuccessful.
The event-driven fund specialised in mergers and acquisitions and restructurings in Hong Kong, Korea, Singapore, Taiwan and Japan, focusing on large-cap transactions in bigger markets.
The managers racked up a 25% annualised return and, remarkably for an event-driven fund, the standard deviation of 7.8% for the HDH Special Situations Fund was even more stable than many long/short funds.
HDH won awards for AsianInvestorÆs æBest Hedge Fund Launch' in 2004 and æBest Asia-Pacific Hedge FundÆ in 2005.
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