Austrian hedge fund manager Superfund said it has shut six international sales offices and laid off staff as part of cost-saving measures amid a tough business environment.

Superfund has closed its sales offices in Singapore, Dubai, Sydney, Sao Paulo, Liechtenstein and and an administrative office in Monaco and will now manage its operations out of Vienna, Hong Kong and New York, the firm said in a statement.

The firm, which uses computer programmes to run its managed futures funds, rose to prominence in the mid-1990s by regularly producing double-digit returns. Its performance over the past 12-18 months has, however, been poor.

According to Superfund’s latest report, its flagship Superfund Q-AG lost 24% in 2009 and was down 6.9% in the five months ended May. But the fund is up 516% since its inception in 1996 for an annualised return of 13.6%.

Superfund, started by former Austrian policeman Christian Baha does not disclose assets under management but news reports from 2007 said Q-AG alone had about US$1.24 billion ($1.7 billion).