Citywire Selector - For Professional Investors

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Hedge fund chief's absolute return fund to be overhauled

Hedge fund chief's absolute return fund to be overhauled

Danske Invest is drastically altering its Europe-focused absolute return fund to have less beta, the Nordic group has announced.

The move comes following a senior fund manager change on the strategy earlier this year.

This saw Michael Petry, who is head of hedge funds, take on the Luxembourg-domiciled fund in April following changes which saw Klaus Ropke and Jens Wiberg Larsson leave the group.

Danske Invest said it would be rebranding and refocusing the Danske Invest SICAV Europe Absolute fund as the Danske Invest SICAV Eastern Europe Absolute fund on September 1.

While it was not revealed who would replace Petry as lead manager, Danske Invest said it would have a team-led approach, which would seek to deliver returns based on their regional knowledge of Eastern Europe.

In a statement on the company’s website, Danske Invest said: ‘The fund has delivered satisfactory long-term results, but we have experienced larger-than-expected fluctuations in certain periods, and the fund’s return has not been as independent of the general trend in the stock market as desired.’

Under its previous incarnation, the Danske Invest SICAV Europe Absolute fund returned 10.3% in euro terms over the three years to the end of June 2017. This compares to a 4.8% rise by the average fund in the Alt Ucits – Long/Short sector over the same period.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Events
  • Citywire Luxembourg Forum

    Citywire Luxembourg Forum

  • Citywire DACH 2017

    Citywire DACH 2017

  • Citywire Italy 2017

    Citywire Italy 2017

  • Citywire Berlin 2017

    Citywire Berlin 2017

  • Citywire Miami 2017

    Citywire Miami 2017

  • Citywire Professional Buyer

    Citywire Professional Buyer

  • Citywire Madrid 2017

    Citywire Madrid 2017

  • Citywire Switzerland Retreat 2017

    Citywire Switzerland Retreat 2017

  • Citywire Amsterdam 2017

    Citywire Amsterdam 2017

  • Citywire Frankfurt 2017

    Citywire Frankfurt 2017

  • Citywire Alternative Ucits Retreat 2017

    Citywire Alternative Ucits Retreat 2017

  • Citywire Paris 2017

    Citywire Paris 2017

  • Citywire Milan 2017

    Citywire Milan 2017

  • Citywire Deutschland 2017

    Citywire Deutschland 2017

  • Citywire DACH 2017

    Citywire DACH 2017

  • Citywire Italy 2016

    Citywire Italy 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Alt Ucits 2016

    Citywire Alt Ucits 2016