Montrica Investment Management co-founder Svein Hogset is leaving TPG-Axon Capital Management three years after the firm acquired his hedge fund, in order to set up a new one.
Svein Hogset plans to return to Oslo, Norway, next year, reportedly for family reasons. But that will not keep him on the sidelines, as he plans to launch a European mid-cap long/short hedge fund, according to Financial News.
Hogset's new firm will be a concentrated vehicle investing across all sectors.
Hogset's departure will see New York-based TPG shut its small London office, which is a legacy of its acquisition of Montrica in 2010. The office's two analyst both worked with Hogset; one will remain with TPG and will move to Hong Kong, the other will leave the firm.
Hogset, who worked with TPG founder Dinakar Singh at Goldman Sachs before founding Montrica, remained at TPG in spite of the firm's move last year to shut Montrica's only hedge fund. According to FN, his departure now is amicable.