Martin Currie closes China hedge fund to new investment

Martin Currie has closed its China hedge fund to new subscriptions after assets under management reached $203m.

The manager says the move is in accordance with its own best-practice guidelines, which dictate products should close to new business before assets under management threaten performance expectations. Launched seven years ago and managed by Chris Ruffle and Ke Shifeng, the fund has an annualised return of 16.2%. It has returned 22.8% over the past two years, compared with a fall of 15.4% for its MSCI Golden Dragon benchmark over the same period. "For active equity managers, capacity matters," Martin Currie global head of hedge fund sales Alastair Barrie says. "Superior returns typic...