Brummer shuts down credit fund after heavy losses

Troubled credit fund that recently lost a lot of money is now being discontinued by the Swedish hedge fund giant. The fund was active less than two years.

Patrik Brummer, founder of Brummer & Partners | Photo: Dan Coleman/Dan Coleman AB

The Brummer & Partners-backed Swedish credit hedge fund Frost is being shut down. Yesterday, Brummer released a statement informing of plans to cease operations at Frost, which has been operational for less than two years after launching in January 2020.

As recently reported by AMWatch and Swedish media, Frost suffered a poor October, dropping almost 18 percent in a single month. That was its worst month since inception, explained by a recent surge in Swedish short-term interest rates and the flattening of the yield curve, according to a monthly commentary by the firm.

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