Danske Invest has named head of hedge funds, Michael Petry, as the new lead manager on its Europe-focused absolute return fund, Citywire Selector understands.
Petry, who has served in his post at the Nordic group since 2011, was handed the Luxembourg-domiciled Danske Invest Sicav Europe Absolute fund at the start of April.
He has replaced co-managers Klaus Röpke and Jens Wiberg Larsson, who had run the fund since it was launched in November 2011. It was not revealed whether the duo would remain with the company in wake of the switch.
Danske Invest was approached for comment on the change but had not responded at the time of publication.
Petry has been with Danske Bank and its subsidiary investment arm since 2000, having previously worked for the Danish National Bank. He also held the positions as head of global fixed income and a hedge fund manager during this tenure.
On a three-year total return basis to the end of February 2017, the Danske Invest Sicav – Europe Absolute fund returned 6.5% in euro terms against an average manager return of 2.6% in the Alt Ucits – Long/Short Equity sector.