Martin Currie Investment Management Ltd. said it shut a 15-year-old hedge fund that bet on Japanese stocks after a change of strategy by a large institutional investor.

After the investor asked the company to “create a bespoke mandate within the Japan long-short asset class, the Japan Absolute Return Fund is no longer commercially viable,” Kahrene Lawrie, a spokeswoman for Edinburgh-based Martin Currie, said in an e-mail. “The remaining investors have been notified and made aware of the directors’ decision."

The Martin Currie Japan Absolute Return Fund, which was overseen by Claire Marwick, started trading in 2000 and managed $219 million at the end of October, according to the company. It lost 5.5 percent last year and was up about 1 percent in the 11 months through November. The Eurekahedge Japan Long Short Equities Hedge Fund Index is up 5.3 percent this year.

Martin Currie agreed to acquire the $167 million RIT PK Japan Fund in November and hire its manager Paul Kirkby along with his investment team. Kirkby will lead the money manager’s $425 million Japan long-short investments and will be joined by Marwick, the company said last month.

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