Reading the report in The Wall Street Journal, one might get the impression that the end of Dynasty Asset Management was the result of losses and investor redemptions. But Ed Mullen, one of its founders, tells a different story. Mullen tells the HFD that the China fund’s directors decided in mid-May to close down and return capital to investors in June. According to Mullen, who is now CEO of Emperor Investment Management and manager of the Emperor Greater China Fund, the Dynasty fund actually returned 11.51% as June 30. In fact, the fund made money in each of its five years of existence, and an investor who put $100,000 on the day the firm opened its doors, would have left with more than $402,000. What’s more, says Mullen, while the fund lost investors after 2003, those investors apparently didn’t lose faith in Mullen and his team. He says 32 of the 35 investors who were in the Dynasty fund as of June 30, have since chosen to invest with Emperor. Mullen and his Dynasty co-founder, Steve Dai, say they are “proud that no investor lost money with Dynasty, that they decided to liquidate the Funds and return capital to investors when they had disagreements, rather than run the fund with these disagreements,” and that the entire process, including returning funds was done within 30 days at a minimum cost.