Far East fund manager Jerome Hass has departed pension fund house Orbitex after less than a year wit...
Far East fund manager Jerome Hass has departed pension fund house Orbitex after less than a year with the group, writes Mohamed Ali Bernat.
Hass previously managed funds for Canada Life and Scottish Amicable, but the company let him go for "economic reasons", citing the funds' small size and the presence of two other fund managers with similar Asian experience.
Hass ran the Asian Opportunities and Asia Pacific funds which, during 2000, returned -46.35% and -72.64% respectively against their benchmark, the MSCI Asia Pacific Free (ex Japan), which was down 32.91%.
Orbitex CIO Paul Manson, is to take over the two retail pension funds, but a spokesman for the company said it was planning to reduce coverage of that marketplace and would not be seeking a replacement for Hass.
The group's Exempt Balanced Fund, which is aimed at institutional investors, made a return of 0.89% in 2000, compared to the Micropal mean of -2.67%, and ranked 22 out of 193 funds. Over the two years since its launch, the fund has returned 156.4%.
Orbitex has assets in excess of $12bn under management and administration.
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