- Advertisement -

Related

Lights Out for Coeli Norrsken Following In-House Merger

- Advertisement -

Stockholm (HedgeNordic) – Market-neutral hedge fund Coeli Norrsken merged into Coeli Asset Management’s fund of hedge funds, Coeli Multistrategi, on April 10, 2018 in an effort to streamline administration costs. Coeli Mutlistratgi is managed by  Erik Lundkvist (pictured). As a separate vehicle, Coeli Norrsken employed an event-driven market-neutral investment strategy, focusing on U.S.-listed companies undergoing ownership changes through secondary equity offerings and block deals.

This is just one of the many marriages between hedge funds that have been taking place in the Nordics in the recent past. For instance, two funds of hedge funds managed by Swedish asset manager Atlant Fonder AB were merged at the beginning of December 2017. The merger was designed to streamline the fund range, foster management efficiency, and reduce administration costs.

Carl Anderen, PM of Coeli Norrsken

Following the merger of the two Coeli funds, unit holders in Coeli Norrsken received units in Coeli Multistrategi. The latter is a fund of funds investing in uncorrelated single-strategy hedge funds. Coeli Norrsken had been one of Coeli Multistrategi’s underlying investments since 2011 and accounted for approximately 20 percent of its holdings. As a result of the merger, Coeli Multistrategi’s assets under management increased to SEK 224 million at the end of April from SEK 84 million recorded at the end of March.

In addition to the above, the performance-based fee charged by Coeli Multistrategi was reduced from 20 percent to 10 percent following the merger. However, the fund’s underlying hedge funds may charge a performance fee as well, generally up to 10 percent of the returns in excess of their required performance thresholds.

Subscribe to HedgeBrev, HedgeNordic’s weekly newsletter, and never miss the latest news!

Our newsletter is sent once a week, every Friday.

Eugeniu Guzun
Eugeniu Guzun
Eugeniu Guzun serves as a data analyst responsible for maintaining and gatekeeping the Nordic Hedge Index, and as a journalist covering the Nordic hedge fund industry for HedgeNordic. Eugeniu completed his Master’s degree at the Stockholm School of Economics in 2018. Write to Eugeniu Guzun at eugene@hedgenordic.com

Latest Articles

AP3’s Jonas Thulin: “The 60/40 Portfolio Has Run Its Course”

The 60/40 portfolio was built on a simple premise: equities drive long-term returns while bonds provide stability and diversification. But that relationship is no...

The 60/40 Isn’t Dead. But the 40 Is Changing

For decades, the 60/40 portfolio has served as one of the defining frameworks for portfolio construction. While few institutional investors adhere strictly to that...

Finland’s Distressed Real Estate Market Creates Opportunities for Buyers

Finland’s commercial real-estate market is going through one of its most difficult periods in decades. Much of the coverage has focused on the pain:...

Protean Officially Launches Global Aktiesparfond

Stock-picking boutique Protean Funds Scandinavia has officially launched its low-cost active Global fund on September 15, building on the early success of its Nordic...

Why the Next Wave of ETF Growth Could Be Active

Active management is increasingly finding a home in the ETF wrapper as investors look beyond traditional index-tracking strategies for more targeted sources of alpha....

How CLO ETFs Are Expanding Institutional Access to Alternative Credit

ETFs have become an increasingly versatile tool in institutional portfolios, moving beyond tactical market access and liquidity management to serve as strategic building blocks....

Allocator Interviews

In-Depth: Diversification

- Advertisement -

Voices

Request for Proposal

- Advertisement -