HONG KONG, June 3 (Reuters) - Asian hedge funds may have lost up to two-thirds of their year-to-date gains in May alone, with strategies such as macro and CTA, which bet on long-running market trends, hit hardest, said Matt Pecot, head of Credit Suisse’s prime broking unit in Asia-Pacific.
“It’s quite painful, especially through mid-May and then it got a little bit better, but still you are probably looking at people giving up two-thirds to a half of their year-to-date performance,” said Pecot.
Prime brokers provide services such as clearing trades and lending money to hedge funds. The unit of Credit Suisse is ranked No.3 in the region by AsiaHedge with assets of $18.6 billion.
The firm aimed to grow assets under management at “1,000 basis points above the industry’s growth rate”, Pecot said, taking it closer to industry leaders Goldman Sachs Group Inc and Morgan Stanley , which were ranked the top-2 prime brokers in the region by AsiaHedge last month. (Reporting by Nishant Kumar; Editing by Chris Lewis)