Hong Kong’s Zeal Asset Management will be wound down by the end of next year and over US$1.6 billion of capital returned to investors as the founding partners of the hedge fund manager prepare to retire from the industry.
Zeal was founded in 2009 by Jacky Choi and Daniel Poon.
Choi was a fund manager at local asset management firm Value Partners and Poon worked at international institutions including Deutsche Bank, ABN AMRO Bank, and UBS Group before they formed the firm.
“As part of the preparation for retirement, we will restructure the Zeal Group, and the first step is to return all clients’ capital, ” the hedge fund manager says in a statement on November 4.
“The capital that we voluntarily return to our investors globally is expected to be in excess of $1.6 billion,” Zeal says, adding that it has operated with “healthy financials” over the last 15 years.
