Stockholm (HedgeNordic) – Swedish asset manager Coeli Asset Management has announced the liquidation of Coeli Multi Asset after learning of a major investor’s intention to redeem all investments in the hedge fund. Coeli Multi Asset’s institutional share class gained a cumulative 7.8 percent in the first two years of operation, but all the gains were erased in January this year after booking a loss of 9.9 percent. Coeli Multi Asset entered into liquidation on February 4 this year.
“The decision is made as the Board has been informed that a major shareholder of the Sub-Fund is intending to redeem all of its shares in the Sub-Fund.”
“The decision is made as the Board has been informed that a major shareholder of the Sub-Fund is intending to redeem all of its shares in the Sub-Fund,” Coeli Asset Management writes in a notice to investors. “Such a redemption would affect the value of the net assets in the Sub-Fund, which would decrease below the minimum level for the Sub-Fund to be operated in an economically efficient manner,” the notice continues. The major shareholder who announced the intention to withdraw investments from Coeli Multi Asset “has committed to remain invested in the Sub-Fund until the liquidation is finalized and to bear a portion of its liquidation costs.”
Launched in January 2020, Coeli Multi Asset was designed to serve as a portfolio diversifier or fixed-income substitute by employing a combination of a dynamic systematic long/short equity strategy with an overlay of uncorrelated systematic global macro strategies. The fund launched by Stefan Åsbrink under the umbrella of Coeli Asset Management gained 4.7 percent in 2020 after ending the first quarter of that year in the green and advanced an additional 3.0 percent in 2021. Coeli Multi Asset booked a loss of 9.9 percent in the first month of this year to erase all inception-to-date gains.