Brummer-Backed Asia Hedge Fund Closes

May 24 2012 | 1:20pm ET

Another Asian hedge fund has bitten the dust, after its seed investor pulled its money.

Orvent Asset Management has closed its doors after Burmmer & Partners redeemed its investment in April, Reuters reports. The Singapore-based firm's event-driven fund had about US$130 million in assets under management.

Orvent was founded by former Millennium Management portfolio manager Scott Collison in late 2010, with backing from Brummer, one of Europe's largest hedge funds. But it lost 7.3% last year and is down 3.6% this year.

Collison ran Orvent with four staffers and support from Brummer.

The decision to pull the plug on Orvent leaves Brummer without any hedge funds in Asia. The Swedish firm last year closed its Karakoram Asian stock fund after it lost 15.4% in 2010.

Orvent joins the more than 140 Asia-focused hedge funds that closed their doors last year.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...