LGIM shuts Japan hedge fund

Legal & General Investment Management is shutting down its Japan equities hedge fund.

LGIM is the latest in a string of managers to liquidate Japan long/short funds over the past 18 months. Others include Odey Asset Management, Baring Asset Management and Asia Genesis Asset Management. Group yesterday announced it had appointed a liquidator last week for its Japan Alpha fund, which was launched in 2004 and had been managed by Andrew Nagele. The fund had $36m, according to LGIM's website. It fell 18.3% in 2008, investors say - less than the 19.6% loss data providers Hedge Fund Research said hedge funds suffered overall, and far less than the 43% drop by global shares...