Ong was quoted as saying that the decision to close now is the best option while investors are still enjoying gains for the year. As for his future plans, the former Korea Investment Corp executive said that he will reveal more information after the wind-down is completed. 

Since the 2008 global financial crisis, smaller hedge funds have suffered the inability to attract new money, even as the global hedge fund industry enjoys around $1.91 trillion in total assets as at the end of October 2013. 

According to figures from Eurekahedge, some 296 small Asian hedge funds liquidated as of 30 December 2012 and several more followed suit in 2013. Some of the more recent shutdowns include Hong Kong-based Richland Capital and RG Investment Capital.