Sparx Group Profits
Sparx Group Back in the Black After Cutting Costs 42%
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