Stockholm (HedgeNordic) – In November 2019, Swedish hedge fund house Atlant Fonder acquired Pacific Fonder and its range of three equity funds and two hedge funds. After liquidating two equity funds and merging one hedge fund into precious metals-focused hedge fund Pacific Precious, Atlant Fonder has now announced that the remaining equity fund, Pacific Explorer Dynamic, will be merged into Pacific Precious in mid-September.
“In order to streamline our offering and reduce administrative costs, we have decided to merge the Pacific Explorer Dynamic fund with Pacific Precious,” says a press release by Atlant Fonder. The assets and liabilities of Pacific Explorer Dynamic “are transferred to Pacific Precious on the merger day,” which is set for September 18, 2020. Finansinspektionen, the Swedish Financial Supervisory Authority, approved the merger on June 16. Pacific Explorer Dynamic is an actively-managed equity fund with a mandate to invest in global equity markets, focusing on emerging markets.
After acquiring Pacific Fonder in late 2019, Atlant Fonder liquidated two of Pacific Fonder’s equity funds, Pacific Global Dynamic and Pacific Extraordinary Brands, due to a small volume of assets under management. One of the hedge funds, multi-asset, multi-strategy fund Pacific Multi Asset, was merged into Pacific Precious in March this year. The merger and closers were aimed 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,” Michael Ekelund (pictured), Atlant Fonder’s CEO, told HedgeNordic on the fund range overhaul.
Precious metals-focused Pacific Precious has gained 3.8 percent year-to-date through mid-June after advancing 20 percent quarter-to-date. Managed by portfolio manager Mattias Gromark, Pacific Precious is a multi-strategy fund that provides exposure to the price development of precious metals such as gold, silver, palladium and platinum. The fund allocates about half of its portfolio to exchange-traded commodities backed by physical assets in the precious metals sector, and the other half to high-quality companies active in the mining, exploration or funding of exploration projects in precious metals. In addition to Pacific Precious, Atlant Fonder manages seven additional hedge funds with a combined SEK 4.03 billion in assets under management as of the end of May.