Chinese  alternative asset managers have become the latest casualty of the country’s crackdown on debt and financial risk, with a record number of private equity and hedge funds dissolving in recent months as new regulations limit their fundraising. 

In the first six months of this year, the Asset Management Association of China (Amac) — a government-controlled industry body — “lost contact” with 163 private fund institutions, more than 70 per cent of the total for which contact was lost for 2017. 

The “lost contact” designation refers to private funds that have failed to renew their registration status with the association every three months as required. While some have simply wound down, others have failed to meet promised investor payouts or even disappeared with investors’ money.