Brummer & Partners appoints Citi as depositary and prime broker for Carve

Swedish hedge fund manager Brummer & Partners has appointed Citi to be depositary and prime broker for its Carve fund.

The fund is managed by Carve Capital – 40% owned by Brummer & Partners, and 60% owned by its managers – and the deal with Citi means investors can access local depositary, custody and prime brokerage services in Sweden.

Peter Thelin, CEO and portfolio manager at Carve Capital, said: “Citi’s local presence, proprietary global sub-custody network and its ability to offer a multi prime brokerage model for Swedish investment funds, putting Sweden in line with the rest of Europe, have been important factors in our decision.”

Citi has had a presence in Sweden since 1976, but this is the company’s first significant move to supporting the hedge fund industry there.

Sanjiv Sawhney, EMEA head of Securities and Fund Services at Citi, said: “This new offering as well our appointment by one of Europe’s longest established and most successful hedge funds further strengthen our presence in this growing and promising market. We look forward to leveraging our global network to support the local investment community.”

Added Mark Harrison, European head of Prime Finance at Citi: “In bringing together our Swedish depositary and our global Prime Finance business, we have created a compelling and integrated offering allowing the Swedish onshore hedge fund community to benefit from Citi’s Multi Prime Brokerage model.”


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