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Danske Lost the Eliksir

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Stockholm (HedgeNordic) – Danske Bank’s Finnish fund management arm announced the decision to terminate three alternative investment funds, including the Eliksir fund of hedge funds. Launched in mid-December 2002, Danske Invest Eliksir FoHF is one of the longest-running funds in the Nordic hedge fund universe.

“The decision to terminate the funds was reached because the investors have shown minimal demand towards the funds and the assets under management have remained low,” writes an announcement. Danske Invest Eliksir FoHF, which most recently had about three-fifths of its portfolio allocated to Danske Bank funds and hedge funds, has seen its assets under management drop below €17 million this past summer. The fund of hedge funds used to oversee more than €120 million in assets under management as early as 2014.

“The decision to terminate the funds was reached because the investors have shown minimal demand towards the funds and the assets under management have remained low.”

Danske Invest Eliksir FoHF enjoyed four consecutive years of strong performance since Senior Portfolio Manager Miikko Komi took the helm of the fund in January 2012. The fund of funds delivered an annualized return of 5.7 percent during the first four years of Komi’s helm. The fund then lost a cumulative 6.7 percent over the next three years, before embarking on another journey of more satisfactory performance. Danske Invest Eliksir FoHF edged down 1.2 percent year-to-date through September 20 and gained a cumulative 6.5 percent over the past 36 months ending August 2022.

As a result of the decision to terminate Danske Invest Eliksir FoHF, the fund’s assets will be converted into cash, from which any liabilities will be deducted and the remaining liquidated assets will be distributed in full to the unit-holders in proportion to the units they hold. “The cash settlement to the unit holders is planned to take place 30 October 2022 at the latest,” writes the announcement.

 

Photo by Kelly Sikkema on Unsplash

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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

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