- Advertisement -
- Advertisement -

Related

Celina Fined for Conflict of Interest Breaches

Latest Report

- Advertisement -

Stockholm (HedgeNordic) – Fund manager Celina Fondförvaltning has been issued a warning with an administrative fine of SEK 10 million by the Swedish Financial Supervisory Authority, Finansinspektionen, for major deficiencies in managing conflicts of interest. This decision does not affect Case Group’s acquisition of Celina’s fund operations.

Finansinspektionen has investigated how Celina, as part of its fund operations, managed conflicts of interest in a number of transactions linked to undertakings in Athanase Group’s constellation of firms. For example, Celina made a number of investments linked to other undertakings in the Athanase Group at the same time as two of the ultimate owners in the Athanase Group held active roles in Celina as the chair of the board of directors and manager of the relevant funds. “The investigation shows that there have been major deficiencies in Celina’s management of conflicts of interest,” announces Finansinspektionen.

“Celina has not done enough to prioritise the interests of unit holders,” says Susanna Grufman, Finansinspektionen’s Deputy Director General. “We consider this to be a serious matter. There is a risk that this could harm confidence in the fund market.” Following the completion of the investigation, Celina has been issued a warning with an administrative fine of SEK 10 million.

“Even if we do not share the conclusions in all parts, we think it is good that the authority has reached the end of its investigative work,” comments Björn Hårderup, the CEO of Celina Fonder. “We do not want to draw any hasty conclusions from the decision itself, but now we must read and reflect on it before we decide on the way forward.”

Swedish fund manager Case Group has recently completed the acquisition of Celina Fonder’s fund operations from Athanase Group. The Swedish Financial Supervisory Authority approved the sale and transfer of Celina’s remaining alternative investment funds, including hedge funds Celina Credit Opportunity and Celina Hedgefond, to Case on October 28.

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

Merger Cleared: Carlsson Norén to Transition Funds to UCITS

After nearly two decades as an independent fund manager, Carlsson Norén Asset Management is joining Meriti Capital, following regulatory approval from Finansinspektionen. Its two...

Symmetry Grows Almost Tenfold in 5 Years, Surpasses DKK 1 Billion

A disciplined investment strategy, strong performance, an expanded team, and a more institutionalized setup have helped long/short equity fund Symmetry Invest surpass DKK 1...

Norron Select’s Rocky Start and Swift Recovery

Off to a strong start in January, long/short equity fund Norron Select faced a challenging February, March, and early April, with its year-to-date performance...

Varma’s Hedge Funds Show Steady Performance

The first half of 2025 was far from smooth sailing for investors, hedge fund managers included. Varma, Finland’s largest hedge fund investor, nevertheless reported...

Proxy P Sees Signs of a Paradigm Shift

After two challenging years and a rocky start to 2025, Proxy Renewable Long/Short Energy has posted a strong three-month rally, generating a cumulative return...

Quirky Questions for Eric Strand (AuAg Funds)

Not every hedge fund conversation has to center solely on strategy, returns, or market moves. In HedgeNordic’s Quirky Questions series, we explore the minds...

Allocator Interviews

In-Depth: High Yield

Voices

Request for Proposal

- Advertisement -
HedgeNordic
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.