Brummer & Partners To Redeem Investment In Soldo's Talarium Capital

Jul 21 2017 | 10:21pm ET

Nordic alternative investment management company Brummer & Partners is reportedly pulling out of a global long/short equity hedge fund it backed last year as losses mount. 

Talarium Capital was launched on June 1, 2016 by former Millennium Management portfolio manager Marko Soldo. At the time, Brummer’s initial allocation was reportedly up to 6.5% of total assets in its Brummer Multi-Strategy fund, and the Stockholm-based money manager also took an equity stake. Soldo operated the fund from Brummer’s London office. 

However, losses of 4.1% since launch have cooled Brummer’s enthusiasm, according to an article in Financial News. June’s -1.1% loss brought 2017’s YTD return to -2.37%. In a statement July 12, Brummer said it would redeem its investment, which accounted for 5.5% of Brummer Multi-Strategy’s AUM or around $295 million, on July 31, 2017.

Despite the drag from Talarium, Brummer’s multi-strategy fund is up 2.9% so far this year, the company said, crediteding three other long/short equity funds in which it has invested with the performance. Once its capital is redeemed from Talarium, it will invest into eight funds: Arete, Bodenholm, Black-and-White, Florin Court, Lynx, Manticore, Nektar and Observatory.

Founded in 1995, Brummer & Partners is a leading European hedge fund manager that brings together portfolio managers pursuing different investment strategies in a single corporate group. The firm manages more than SEK 127 billion on behalf of private individuals, businesses and institutional investors. 

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