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Blackstone Group credit hedge fund arm GSO Capital Partners is set to become the latest hedge fund to quit Asia. GSO plans to close its Hong Kong trading desk, Bloomberg New reports.

GSO will transfer Asia-Pacific head Tim Donahue, managing director Sanjeev Khemlani, associate Angad Banga and vice president Abhimanyu Prakash to either New York or London, where they will continue to cover the region. Some of the investment team may stay in Asia, according to Bloomberg.

Blackstone bought GSO, which was founded by Credit Suisse veteran Bennett Goodman, last year for almost $1 billion. The $10 billion shop opened the Hong Kong office in September, but it hasn’t made any trades because the firm believe Asian bonds and loans are priced too high.

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