TT International, the London-based investment group headed by Tim Tacchi and Mark Williams, is taking steps to wind up its Hong Kong-managed $28 million TT Asian Opportunities Fund.

The fund has been in existence for four years and has an Asian multi-strategy approach.

In Hong Kong, the TT Asian Opportunities Fund was managed by Marius Oberholzer and Nicholas Studholme-Wilson. They are leaving the firm and are understood to be looking for new opportunities themselves.

Oberholzer is a portfolio manager and trader by speciality, whereas Studholme-Wilson is a tech specialist. The former is apparently flexible about where he heads next, whereas the latter is understood to want to stay in Hong Kong. They told AsianInvestor that ideally they would like to stay together as a working team on a different platform.

According to an email from a brokerage seen by AsianInvestor, the TT London headquarters decided not to continue with the fund after redemptions in June and July and drawdowns.

A spokesman from the firm told us: "The fund has a NAV that is above its level at inception while, by comparison, the MSCI AC Asia-Pacific Index is down -32.18% over the same period. However, the fund has proved unable to attract a large enough investor base to make it economically viable."

TT still has a number of Asian long-only products and this particular fund was, according to the firm, by far the smallest. It still intends to build other products in Asia.

TT International was founded in 1988 primarily to manage assets for a US investor and has grown globally since. More widely, the TT group continues to be well known, especially in the United States.