U.K. fund manager Wessex Asset Management is closing three of its hedge funds (HFs), Reuters reports. The decision comes after their assets under management dropped in 2011.

Assets of the long-short equity hedge fund Wessex Asia-Pacific Fund shrank to $11 million, those of the Wessex Gold Fund to $3 million and the Wessex Natural Resources Fund to $6 million. The closures swell the number of hedge funds shutting down this year amid market turbulence, including more than 80 in Asia.

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