| HONG KONG
HONG KONG Oct 12 Senrigan Capital, an
Asia-focused hedge fund backed by Blackstone Group, has
removed five investments from its portfolio and placed them into
a separate vehicle after heavy losses this year, two sources
familiar with the matter said.
Senrigan, whose $1 billion under management last year has
fallen by half, is calling the separate fund a "special purpose
vehicle", the sources said.
Such vehicles are usually referred to as "side pockets" in
the hedge fund industry, whereby funds separate out
hard-to-sell, illiquid investments from the main portfolio.
Senrigan spokeswoman Katarina Bendle declined to comment.
The creation of the Senrigan vehicle comes amid a 15 percent
drop in net asset value for the fund, which is headed by former
Citadel trader Nick Taylor. Senrigan's 2012 record is among the
worst performing of the major regional hedge funds.