HONG KONG - Former Lehman Brothers trader Allan Bedwick is shutting his US$120 million (S$155 million) Asia-based global macro hedge fund after a two-and-a-half-year struggle to boost assets, fund documents obtained by Reuters showed.

Hong Kong-based Bedwick is Asia's latest hedge fund victim of the global economic woes as fears of a worsening euro zone debt crisis, and slowing growth make investors look for safety in large and well-established funds.

His Sequence Fundamental Macro Fund, which will be shut by end-June, gained 0.1 percent in the first three months of 2012 versus a 1.9 percent gain in the Eurekahedge global macro hedge fund index. The fund reported a 3.1 percent gain in 2011, outperforming a 1.2 percent drop in the index.

Bedwick declined to comment.