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Superfund leaves Dubai, shuts five other offices.

Austrian hedge fund manager Superfund has shut six international sales offices and laid off staff as part of cost-saving measures. A statement from Superfund said the company will also discontinue most of its sport sponsoring activities.

According to Superfund's latest report, its flagship Superfund Q-AG lost 24 per cent in 2009 and was down 6.9 per cent in the five months ended May. But the fund is up 516 per cent since its inception in 1996 for an annualised return of 13.6 per cent.

Superfund's Dubai office had been opened in 2007 at the Dubai International Financial Centre (DIFC), targeting institutional and private investors. At the opening, Superfund founder Christian Baha, a former Austrian policeman, announced that his company "is targeting the entire financial market in the Middle East and is planning to expand its activities over the whole region".

2009 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Jun 14, 2010
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