(Bloomberg) Nektar Asset Management is shutting down its money pool after its largest backer pulled out, adding to a growing list of hedge funds that have thrown in the towel. Brummer & Partners, an investor since 2002, said it will cash out by the end of May because the Nektar Fund’s expected future return is no longer competitive. Patrik Olsson, chief investment officer at Stockholm-based Nektar, said in a statement on Thursday that the decision to close the fund was the result of a “prolonged challenging market environment.” The Nektar Fund managed about 10 billion Swedish kronor ($1 billion) as of March 31.
Nektar Shuts $1 Billion Hedge Fund as Main Backer Pulls Out
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