Sparx exits fund-of-funds business

Sparx Group completed the sale last week of its fund-of-hedge-funds business to MCP Asset Management, a Hong Kong-based fund-of-funds investor, which also has offices in Tokyo and Chicago. The consideration for the sale of Sparx International (Hong Kong) Limited was not disclosed, but the terms of the sale include an ongoing distribution agreement on the part of Sparx for this business together with MCP’s other products. The name of the fund-of-funds business will, of course, lose the…