June 4, 2012 / 4:55 AM / 5 years ago

Ex-Lehman trader to shut $120 mln global macro hedge fund

HONG KONG, June 4 (Reuters) - Former Lehman Brothers trader Allan Bedwick is shutting his $120 million Asia-based global macro hedge fund after a two-and-a-half-year struggle to boost assets, fund documents obtained by Reuters showed.

Hong Kong-based Bedwick is Asia’s latest hedge fund victim of the global economic woes as fears of a worsening euro zone debt crisis, and slowing growth make investors look for safety in large and well-established funds.

His Sequence Fundamental Macro Fund, which will be shut by end-June, gained 0.1 percent in the first three months of 2012 versus a 1.9 percent gain in the Eurekahedge global macro hedge fund index. The fund reported a 3.1 percent gain in 2011, outperforming a 1.2 percent drop in the index.

Bedwick declined to comment.

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