Hong Kong’s billionaire Choi family has dropped plans to buy funds from RAB Capital, Financial Times reports. The move comes after the London-based hedge fund manager’s investment vehicles, that Choi family intended to buy, suffered steep losses. The firm’s $250 million Energy Fund fell 17.2% and the Special Situations Fund dropped 17.5%. Sunwah Group, a conglomerate whose business interests include seafood, real estate and technology, owned by the Choi family, intended to form a new large-scale alternative asset management business in London through the acquisition.
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