SWEDEN - Swedish hedge fund Brummer & Partners has plucked two asset managers from the SEK187bn Forsta AP-fonden (AP1) pension fund to set up a global tactical allocation mandate.
The size of the initial mandate given to Jesper Sandin and Daniel Chapuis, part of AP1’s tactical asset allocation and quantitative analysis team, has not been revealed, but a spokesperson for Brummer said if the fund’s convictions proved correct a new fund would be opened based on their strategy.
The global tactical allocation brief will be a new mandate for the SEK36bn hedge fund, intended to add diversification benefits to the overall group.
The spokesperson confirmed reports that Brummer would look to add new teams to the group, aside from Sandin and Chapuis, both this year and on a more regular basis going forward.
However, she would not confirm reports that two more teams would be recruited in 2006, and up to four funds launched annually between now and 2010.
The hedge fund said in a statement that it was constantly on the lookout to identify new management teams, partly to improve the diversification of the group’s funds, but also to create more capacity for managing capital with the aim of earning an absolute return.
A spokesperson at AP1 confirmed Sandin and Chapuis had joined in 1998 and 2000 respectively.
Both have experience of developing quantitative analysis tools for position-taking, market analysis and portfolio optimisation.
No successors have been named as yet. They are set to leave in June.
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