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Sparx Declines After Value of Japan Wind Development Slumps

June 17 (Bloomberg) -- Sparx Group Co., Asia’s biggest hedge-fund manager, fell in Tokyo trading after a plunge in the value of Japan Wind Development Co.

Sparx dropped 15 percent to 8,520 yen at the 3 p.m. close on the Jasdaq exchange, the stock’s largest decline since May last year. Sparx funds hold a combined stake of more than 10 percent in Japan Wind, according to Bloomberg data.

Japan Wind, the worst performer on the 88-member WilderHill New Energy Global Innovation Index in the last year, sank 40 percent this week after being put under surveillance by the Tokyo Stock Exchange.

It is on a so-called monitoring post for possible delisting and in a June 14 filing said it is likely to miss a June 30 deadline to file an annual securities report because it changed its auditor.

Masahiro Sugino, a spokesman for Tokyo-based Sparx, declined to comment.

To contact the reporter on this story: Brett Miller in Tokyo at Bmiller30@bloomberg.net

To contact the editors responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net.

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