Plenum To Hand Nordic Power Hedge Fund Over To Founder, New Firm

Mar 30 2011 | 9:29am ET

Henrik Wennberg has left Plenum Investments, and is apparently taking his hedge fund with him.

Wennberg, who left Plenum earlier this year, has joined Stockholm-based Coeli AB. And Plenum said today that Coeli will take over its €43 million Power Surge Fund, which Wennberg founded and formerly managed, on May 1.

When Plenum Power Surge becomes Coeli Power Surge, Wennberg will retake the reins, Bloomberg News reports. During a roughly month-long transition, Plenum will continue to provide back- and middle-office services to the fund.

Plenum CEO Rainer Gruenig would not disclose the financial terms of Coeli's acquisition of Power Surge, which focuses on the Nordic electricity market.

Wennberg launched Power Surge in 2007. But he stepped down as portfolio manager last year when he moved from Plenum's base in Switzerland to Sweden, continuing as an adviser until this year.

After Wennberg's departure, Power Surge was managed by his brother, Mathias, and Jukka Virtala. Both men resigned from Plenum earlier this month.

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