Bailey Coates Asset Management, a London-based hedge fund, is losing clients on the back of losses of nearly 10 per cent in April. The f...

Bailey Coates Asset Management, a London-based hedge fund, is losing clients on the back of losses of nearly 10 per cent in April. The firm’s long-short equity fund has seen its assets under management fall from $1.3 billion last year to less than $750 million, according to reports in the UK media. More than $500 million in redemptions have been reported in one month. Mr Bailey and Mr Coates worked at hedge fund firm TCI before setting up their own hedge fund in 2004 and won Eurohedge’s prestigious Best New Equity Fund award last year after generating returns of more than 20 per cent. Both March and April have been tough months for many hedge fund strategies, which has caused widespread difficulties in the industry.