China’s Top Quant Hedge Fund High-Flyer Apologizes for Loss
- Fund says it feels “deeply guilty” after drawdown hits record
- Company has suspended inflows and scrapped redemption fees
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China’s top quant hedge fund apologized to investors after a record slump in performance, highlighting challenges facing the industry following a period of breakneck growth.
The recent drawdown, caused in part by mistimed trades, was the biggest in the firm’s history, Zhejiang High-Flyer Asset Management said in a statement late Tuesday on its Wechat account. The investment manager didn’t give a number for the decline.