Gaia Capital Management’s hedge fund has lost most of its $150 million assets due to redemptions, Reuters reports. The Japan focused GAIA J-Multi Strategy Fund had $32.65 million in assets at the end of April 2011, as compared to $92.06 million at the end of March, a drop of 44.34%.
The redemptions were triggered by the earthquake in northeast Japan, which forced the fund to unwind all its positions. The fund was launched by former Goldman Sachs trader Kenichiro Nishi, who has also managed about $2 billion in a Japanese convertible bond portfolio and about $3 billion for DKR Oasis.
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