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Brummer divests from credit hedge fund

Low absolute returns for the past three years and a low expected risk-adjusted return going forward are the reasons given for the change.

Mikael Spångberg, Brummer Multi-Strategy portfolio manager | Photo: Brummer & Partners/PR

Swedish hedge fund manager Brummer's flagship fund-of-funds Brummer Multi-Strategy (BMS) is divesting from credit fund Observatory after 11 years.

Despite a strong performance historically, Observatory is no longer deemed to have the conditions to deliver strong enough risk-adjusted returns according to the criteria set out by BMS' portfolio manager Mikael Spångberg.

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