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Singapore's Asia Genesis closes hedge fund after losing bets on China, Japan

Summary by Ground News
The Asia Genesis Macro Fund lost 18.8 per cent in the first weeks of January. Chief Investment Officer Chua Soon Hock said he decided to close the fund to prevent further loss and return money. The fund, which hedge fund veteran Chua launched in 2020, manages about US$300 million.

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The Singaporean hedge fund “Asia Genesis Asset Management” (Asia Genesis Asset Management) experienced an “unprecedented contraction” after the Chinese stock market plummeted and erroneously shorted Japanese stocks, and is about to close its macro fund.

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The Straits Times broke the news in Singapore on Tuesday, January 23, 2024.
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