Brummer's Backing Boosts Greenig Hedge Fund to $900 MillionBy
Douglas Greenig, the former chief risk officer at Man Group Plc’s AHL unit, said he raised about $500 million from Brummer & Partners this month, more than doubling the assets managed by the hedge fund he started last year.
The allocation boosts Greenig’s Florin Court Capital’s assets to about $900 million, making it one of the largest hedge-fund startups in the past year. London-based Florin’s macro fund, which uses mathematical models to bet across asset classes, gained 5.7 percent in the first two months of the year, Greenig said in an interview. The HFRI Macro (Total) Index increased by 2.6 percent during the period.
Interest in macro hedge funds is growing as investors seek to benefit from a pick-up in market volatility and divergent monetary policies across the globe. Stockholm-based Brummer, which started in 1995, invests in hedge funds and manages about $16.8 billion, according to its website.
“They have been watching us every day, understand our process and have developed considerable confidence,” said Greenig, who manages the fund with former Man AHL colleagues Anthony Vinitsky and David Denison.
Brummer’s backing of Florin Court comes after the company said last month it’s redeeming investments from money managers MNJ Capital Management Pte, Canosa Capital LLP and Zenit Asset Management AB. A spokesman for the Swedish company declined to comment.
Hedge funds using mathematical models to bet across asset classes raised a net $29 billion last year, reversing a $16 billion outflow in 2014, according to data from Eurekahedge.
Last year, Brummer invested in Sweden-based long-short hedge fund Bodenholm Capital and Hong Kong-based Eastfort Asset Management, which bets on the Chinese fixed-income market, according to the firm’s annual report. Brummer also said it is backing Talarium Capital, a hedge fund expected to start later this year led by Marko Soldo, formerly with Millennium Capital Management.
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