Brummer & Partners, the Swedish money manager, said it’s redeeming investments in Canosa Capital LLP and Zenit Asset Management AB and the two hedge funds will close.

Contributions by Canosa and Zenit to returns at Brummer’s $6.6 billion multi-strategy fund “have been weak during the last few years,” said Klaus Jantti, chief executive officer at the Stockholm-based firm. Officials at Canosa and Zenit declined to comment.

Zenit was Sweden’s first hedge fund when it opened in 1996 and was 71 percent owned by Brummer, according to the company’s website. The fund’s annual return averaged 2.9 percent in the past three years, Brummer said in a statement. The firm ended 2015 with 11.2 billion Swedish Krona ($1.3 billion).

London-based Canosa, started by former Rubicon Fund Management executives Tim Attias and Santiago Alarco, bet on global macro-economic trends and averaged a 1.8 percent annual gain since starting in 2013, Brummer said. The fund managed as much as $300 million when it opened and Brummer had a stake in the company, people familiar with the matter said at the time.

Brummer, which started in 1995 and oversees $16.6 billion, said it will invest in Talarium Capital, a startup managed by Marko Soldo, formerly with Millennium Capital Management.

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