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HK hedge fund DragonBack sees assets cut by 85 pct

Date: Monday, May 3, 2010
Author: Reuters

Hong Kong-based hedge fund manager DragonBack Capital has seen a dramatic reversal in its fortunes over the last 12 months, with its assets plunging 85 percent to around $45 million amid continued redemptions from fund of hedge funds.

Last year at this time, assets in the fund were at $316 million, falling to $187 million by year-end, Robert Lance, CEO of DragonBack Capital Ltd, told Reuters on Friday.

"The AUM gods giveth and they taketh away," said Lance, referring to assets under management. "You have to stay philosophical and practical about these things."

DragonBack has cut back its investment team to six members from eight, to bring it in line with its reduced assets base, said Lance.

"We've met all the redemption requests, never put up any gates, no sidepockets and remained very transparent throughout this process," he said.