Tokyo-based SPARX Group, Asia’s second largest hedge fund behind Hong Kong’s Value Partners Group, had a tough 2010.PARA_BREAK_SENTINEL_9f8e7d6c

Tokyo-based SPARX Group, Asia’s second largest hedge fund behind Hong Kong’s Value Partners Group, had a tough 2010. The firm’s recently released summary report of its financial results for the year ended March 31shows that net income suffered a loss of 3.7billion yen (USD46million), despite recording a profit of 398million yen in 2009. Fee income also fell 19 per cent year-on-year to 4.9billion yen reported FINAlternatives. Total assets fell from 36.7billion yen to 28billion yen with NAV per share falling from 9,053 to 7,023 yen. Operating revenue fell 10 per cent to 7.1billion yen having gained 7.6 per cent to 7.9billion yen in 2009. Looking ahead, SPARX Group President Shuhei Abe (pictured) apparently wants to extend SPARX capabilities by planning new funds and expanding the firm’s footprint in Hong Kong. Prior to the earnings report, SPARX Group shares fell to 8,880 yen and closed at 7,900 yen on Monday May 16 according to Bloomberg.