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Brummer & Partners redeems Zenit and Canosa, to add Talarium

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Stockholm (HedgeNordic) – The new year brings big changes for Brummer & Partners as the Swedish hedge fund giant makes changes in the allocations to their multi manager fund. On their website today, the manager announced that with February 29th 2016 Brummer Multi-Strategy (BMS) will redeeem all its shares in two funds, Zenit and Canosa.

Zenit started in July 1996 and was Sweden’s first hedge fund, and the first fund in the Brummer & Partners family of funds and while Canosa was one of BMS most recent additions. The multi-strategy fund had only been invested in Canosa since Canosas launch in May 2013.

Zenits Board has already decided to discontinue the active management of the fund. Zenit’s portfolio has been essentially eliminated, and when the withdrawal is completed, the Fund will no longer be burdened with any management fee.

„BMS decision to redeem their entire investment in Zenit and Canosa is based on general findings, where we can observe weak marginal contribution to BMS returns in recent years“, says BMS manager Klaus Jäntti in a statement.

Following the redemptions, BMS will only be invested in the funds Bodenholm, Florin Court, Lynx, Manticore, MNJ, Nektar and Observatory. Brummer & Partners did announce, later this year, BMS will be adding a new a new fund, Talarium Capital which will be operating out of Brummers´London office and focusing on European equities managed by Marko Soldo.

„We are delighted to welcome Marko Soldo and his team to the group. Marko has extensive experience in stock selection from his most recent role as a portfolio manager at Millennium Capital and previously from GMT Capital where he built up the Europe office. The fund is expected to contribute to the BMS risk-adjusted returns,” says Klaus Jäntti, portfolio manager of BMS.

BMS returned 2,4% (est.) in 2015 while the Nordic Hedge Index (NHX) FoHF sub index returned 2%.

Picture: (c) violetkaipa—shutterstock.com

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Kamran Ghalitschi
Kamran Ghalitschi
Kamran has been working in the financial industry since 1994 and has specialized on client relations and marketing. Having worked with retail clients in asset management and brokerage the first ten years of his career for major European banks, he joined a CTA / Managed Futures fund with 1,5 Billion USD under management where he was responsible for sales, client relations and operations in the BeNeLux and Nordic countries. Kamran joined a multi-family office managing their own fund of hedgefunds with 400 million USD AuM in 2009. Kamran has worked and lived in Vienna, Frankfurt, Amsterdam and Stockholm. Born in 1974, Kamran today again lives in Vienna, Austria.

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