Asian Century Quest Capital, a New York-based hedge fund firm that managed nearly $2 billion in 2012, is down to less than $100 million in assets following client redemptions and tepid performance, according to a person familiar with the situation.
But ACQ, as Brian Kelly’s firm is also known, is staying alive despite rumors that it would shut entirely after the roughly 95 percent drop in capital in less than two years.
It will continue to manage the ACQ Equity Income Fund, which as a long-only fund does not take positions against stocks, for a small group of external investors, according to the person. All other funds, including the flagship long/short equity hedge fund, are in the process of being liquidated and most money has already been returned to investors.
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