SWEDEN – The roughly SEK33.6bn (€3.6bn) Swedish hedge fund outfit Brummer & Partners has nabbed two asset managers from buffer fund Första AP-fonden, or AP1, to develop a new hedge fund.

Jesper Sandin and Daniel Chapuis are due to leave the roughly SEK187bn fund in June, an AP1 spokesperson told IPE. It is not clear whether any successors have been named yet.

Sandin and Chapuis – who joined AP1 in 1998 and 2000 respectively – are part of AP1’s tactical allocation and quantitative analysis department.

According to reports, Brummer will allocate Sandin and Chapuis with a certain amount of capital to trade, which will hopefully result in the establishment of a new fund.

Brummer chief executive Klaus Jäntti is reportedly looking to recruit two more teams in 2006, and launch a further three to four funds on an annual basis between now and 2010.

Brummer did not respond to questions from IPE.

Brummer & Partners has been labelled a “legend” and a “Scandinavian powerhouse” by some market sources. This Stockholm-based firm is regarded as a pioneer of the Swedish and regional onshore hedge fund industry.



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