Swedish hedge fund firm Brummer and Partners has closed a market-neutral fund and the asset manager handling the portfolio, Financial News reports. The firm has liquidated the $1.2 billion European Arbor Market Neutral fund following a period of weak return.
Björn Lind, CEO of fund manager Arbor Asset Management, has resigned from the firm. Brummer has also redeemed its $260 million investment in the asset manager. Brummer held a 51% ownership stake in Arbor and had invested in Arbor Market Neutral since its launch in October 2008.
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