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.

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