Blue Rice Investment Management, a hedge fund manager focused on Asian credit, will return capital to investors and close down by the end of 2013.
In a telephone interview, Guan Ong, founder and principal of Blue Rice, said the likelihood of a long period of market turbulence as the U.S. Federal Reserve “tapers” its monetary stimulus made “doing the right thing” by investors while they're still enjoying gains for the year the best option.
Mr. Ong said the tough market environment had made it difficult to boost assets under management, which remain under $100 million combined for the firm's two offerings — an Asian credit strategy and a short-duration strategy.
Mr. Ong launched Blue Rice Investment management in 2009. Asked about his future plans, Mr. Ong, a former chief investment officer of sovereign wealth fund $65 billion Korea Investment Corp., Seoul, said he'd consider his next move after winding down the firm.