Stockholm (HedgeNordic) – Shortly after acquiring Pacific Fonder and the three equity funds and two hedge funds under its umbrella, hedge fund house Atlant Fonder is currently in the process of overhauling the recently-acquired fund range.
The Stockholm-based asset manager has announced plans to merge the two hedge funds in early 2020. The firm is also in the process of liquidating two of the three equity funds, Pacific Global Dynamic and Pacific Extraordinary Brands, because of the small volume of assets under management. Commenting on the decision to liquidate the two funds, Michael Ekelund (pictured), Atlant Fonder’s CEO, says that “both funds have small asset bases and a little bit surprisingly, there has been little investor interest in Pacific Extraordinary Brands.”
The merger and closures aim to streamline Atlant Fonder’s fund offering and reduce administrative costs. “This is in line with our vision to become one of Sweden’s leading players in alternative investments,” Ekelund tells HedgeNordic.
Multi-asset, multi-strategy fund Pacific Multi Asset will be merged into Pacific Precious on March 16, 2020. Pacific Precious is a multi-strategy hedge fund that seeks to offer exposure to precious metals. Both funds represent liquid alternatives that aim to generate targeted, absolute returns. Pacific Multi Asset has been maintaining exposure to precious metals of at least 50 percent, which represents one of the reasons behind the announced merger. Finansinspektionen, the Swedish Financial Supervisory Authority, approved the merger on December 12.
The recent acquisition of Pacific Fonder brought Pacific Precious, Pacific Multi Asset and three additional equity funds under the umbrella of Atlant Fonder. Following the merger of the two Pacific hedge funds next year and the upcoming closure of the two equity funds, Atlant Fonder’s fund range will include nine funds.