Wednesday, 1 April 2015
Last updated 2 hours ago
Jun 14 2011 | 12:32pm ET
Swedish hedge fund giant Brummer and Partners has closed its market-neutral hedge fund, the second fund at the firm to meet that fate this year.
Brummer said that its European Arbor Market Neutral Fund "had a period of weak return" following a "strong start" at its launch almost three years ago. Brummer has pulled the $260 million its multi-strategy fund had invested in Arbor, liquidated the fund and shut down its management company.
Björn Lind, who managed the fund and headed Arbor Asset Management—Brummer's funds are run by affiliated firms that it owns or co-owns—has resigned, Financial News reports.
According to Brummer, its flagship multi-strategy fund's managers had "doubts regarding Arbor Market Neutral's ability to deliver good, long-term results," despite the fund's 2.86% return this year. Arbor lost 9.7% last year.
The demise of Arbor follows Brummer's decision to shutter its Karakoram Asia stock fund earlier this year. Karakoram, which managed a similar amount of Brummer Multi-Strategy to Arbor, lost 15.4% last year.
Brummer has launched two new hedge funds this year, setting up an event-driven firm in Singapore and seeding a new European event-driven firm founded by a pair of former Goldman Sachs proprietary traders.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…