Bloomberg's report today that more than 80% of Asian hedge funds will not receive performance fees in 2008, does not come as a huge surprise given most funds' dismal performance. About 30% of funds actually had positive returns in 2008, but presumably high water marks and benchmarks account for why only 2/3 of the hedge funds with positive performance in 2008 will receive performance fees.
More astounding is that the report found that 86% of asian hedge funds are below their high water mark.
APAC Capital Advisors closed its Greater China Fund in September after assets declined by 80% to just $10 million.
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