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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.

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