Not every conversation in the hedge fund world needs to revolve around alpha, Sharpe ratios, or fund flows. In the ongoing Quirky Questions series, HedgeNordic asks industry insiders a mix of offbeat, personal, and unexpected questions to reveal the people behind the industry. From rock lyrics as investment mantras to dream cars, past mistakes, and guilty pleasures, it’s a lighter take on a serious business. In this edition, we hear from Stefan Nilsson, a Tokyo-based investor, entrepreneur, and founder of the Hedge Funds Club, who has spent the past two decades connecting hedge fund professionals across Asia, Australia, and the Nordics.
- What is more stressful for you: moderating a panel of hedge fund managers or interviewing a diva rock star, how do the two differ and what may be similar?
Famous hedge fund managers and rock stars often display similar behaviour. In both cases, there are some divas, but most are good, hardworking people dedicated to their craft. All the best artists and money managers have some dysfunctional quirks that are part of why they are different. Handling rock stars tends to be a bit easier for me as it is typically in a one-on-one situation rather than a hedge fund panel discussion. I never get stressed though. Like regrets, stressing is not helpful.
- You know hedge fund communities in both Sweden and Asia. Share one thing Sweden does better, one thing Asia does better, and what each side could learn from the other.
Generally speaking, I guess Swedes are better at switching off once in a while. Asian hedge fund professionals tend to be more hardcore in a Wall Street kind of way. That is good and bad. I think some of the Aussies have sussed it out. They work hard but in an efficient way and thus still have time for a life away from work.
- If you could book any band or musician, alive or dead, to headline a Hedge Funds Club event, who gets the gig, why, and what’s the perfect venue for it?
Motörhead always did put on a great show. AC/DC back in the late 70s and early 80s, when Bon Scott was still alive and fronted the band, would have been a great fit. Black Sabbath in 1983–84 with Deep Purple’s Ian Gillan on vocals and ELO’s Bev Bevan on drums would have been a dream booking as it was dysfunctional to such a degree it was great. Now, I would probably invite Megadeth or Saxon, two bands that still deliver the goods in 2025. Hard Rock Café in Roppongi, Tokyo, where I held my over-the-top 50th birthday party, would be an obvious venue for it.
- What heavy metal or rock lyric do you think could be the mantra for hedge fund allocators which they should have in mind when making investment decisions?
Motörhead’s “Ace of Spades” has some interesting lyrics about risk taking. Another Motörhead song, “Eat the Rich”, might be suitable for more reckless investors. Megadeth’s “Dystopia” has a good take on the markets. Depressing, sure, but useful if the short book is heavily used.
- Which would feel more awkward: wearing a business suit to a rock festival or showing up in your cut at a black-tie hedge fund awards gala, and what does that tell you about how hedge fund people handle image and authenticity?
Since the fictional heavy metal-loving hedge fund manager Bobby Axelrod from the TV show Billions entered our lives, I am quite comfortable wearing my AC/DC, Megadeth and KISS shirts at hedge fund functions. I do remember one time when I was at a function here in Tokyo with the Swedish Prime Minister and a couple of other Cabinet ministers. Immediately after, I went to a gig by a Swedish rock band touring Japan. There was no time to change out of the suit and tie. When I entered the rock club in my business suit, with the Swedish Trade Minister in tow, I did get a few looks and comments.
- What’s the biggest joy for you in bringing hedge fund professionals together from different countries and cultures, and what in your value model defines it as a successful event, commercials aside?
When I launched the Hedge Funds Club in 2005, I managed the Tokyo office of a boutique hedge fund. It was a way for me to meet allocators and fund managers. Now, two decades later, I am still connecting people. I love it when people tell me they got allocations or other business done via the Hedge Funds Club. In these times when things are becoming digital, artificial and automated, connecting people face-to-face and creating lasting relationships is more important than ever. Our industry is built on people, not numbers. If people are happy and enjoy themselves, that is success.
Stefan Nilsson is a Tokyo-based investor, entrepreneur and founder of the Hedge Funds Club, a leading network for hedge fund professionals. He began his career in London before relocating to Tokyo in 2004 to build the Tokyo office for a global macro hedge fund. He has also worked in asset management and prime brokerage at Bear Stearns and JP Morgan. Over the past 20 years, he has grown the Hedge Funds Club into a major community connecting investors and managers in Tokyo, Hong Kong, Singapore and Australia. Stefan is the Co-Founder and CIO of Terrasias Capital, a single-family office, and the editor of music magazine Roppongi Rocks. He is a board member of the Japan-Sweden Society and First Vice Chair of the Membership Committee at the Tokyo American Club. He has lectured about hedge funds at Henley Business School and the University of Hong Kong. He earned his MBA from the University of Leicester in England.
