Mitsui & Co. will close its New York hedge fund business as it shifts to investments including property and utilities, Bloomberg reports.
Mitsui, with businesses ranging from import-export to financial services, decided to shut Mitsui & Co. Alternative Investment Corp. because it failed to meet the company’s targets amid the turmoil of the global credit squeeze, Masaji Matsuoka, who is in charge of formulating funds at the firm’s asset management division, said in an interview in Tokyo yesterday.
The unit was established in 2005 to mainly target institutional investors in Japan who sought to diversify their investments through hedge funds, Matsuoka says.
The full article is available at the Bloomberg web-site.
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