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Sparx Group Profits

Sparx Group Profits

Sparx Group Back in the Black After Cutting Costs 42%

Asia's largest hedge fund firm has shown how to go from red to black with tough cost cutting measures.  Sparx Group suffered considerable losses in 2009 and the firm's president, Shuhei Abe, responded by cutting costs by 42%.  Those cuts, along with the sale of a stake in Cosmo Investment Management, helped bring in a 7.6% profit.
Asia’s largest hedge fund firm is back in the black. Sparx Group turned a ¥398 million profit in the year-ended March 31 following a program of painful cost cuts.
Tokyo-based Sparx lost ¥23.3 billion in the prior fiscal year, leading firm president Shuhei Abe to vow to return the firm to profitability last year. And he did just that, slashing costs by 42% and the sale of a stake in Cosmo Investment Management.
While Sparx’s revenues rose 7.6% during the year, the frim’s assets under management remained just a third of what they were four years ago, at ¥686 billion. Management fees dropped 38% and performance fees plummeted 65% year-on-year.  Source

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