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Alternative Market Briefing

Brummer to launch European hedge fund that capitalizes on 'global financial imbalances’

Wednesday, September 05, 2012

From Komfie Manalo, Opalesque Asia – Sweden’s largest hedge fund manager Brummer and Partners with $14bn in assets under management, is set to launch one of Europe’s biggest hedge funds this year that requires longer monetary commitment and capitalizes on "global financial imbalances."

In a statement, Brummer said the fund, to be called Carve, would demand investors to commit to long-term mandate with a minimum of one year lock-up, preferably three years, to free the fund to invest in less liquid strategies.

The fund is expected to be launched in October this year. The former Zenit managers Per Josefsson, Peter Thelin and Bo Börtemark will manage the fund. Stefan Engstrand from Zenit and Christian Fredriksson from Goldman Sachs have also joined Carve. Another senior manager has been recruited, the firm added.

A report by the Financial Times said that Carve has already secured at least $500m in the first month since Brummer marketed the fund to domestic clients. But Carve’s assets are expected to further rise coming from investors from the UK and Switzerland before its official launch. Top executives from Brummer is under......................

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