SEK300m reported for Brummer & Partner owners
Sweden’s Brummer & Partners, which founded hedge funds in the country in the mid-1990s, has been reported by Dagens Industri as providing payouts to its owners, including founder Patrik Brummer, of around SEK300 (€35m).
The money is being paid out despite the relatively poor performance of a number of the company’s funds through 2012.
Its biggest hedge fund, Lynx, showed a negative return of -5.14% last year. Brummer Multi-Strategy, which offers exposure to all the hedge funds that Brummer & Partners manages, returned 4.4% over the period, but that was under the annual average of 7.96%, and was far below the benchmark Six Return Index, which served up 16.5% in 2012, Dagens Industri noted.
The company still managed to generate a return on its own capital of about 20%, the daily paper wrote.
Payouts of SEK300m are being made to the company’s owners. The biggest is Patrik Brummer (pictured), who is getting SEK87m through his company PPB Holding. Kent Janér is set for SEK12m paid through his company Honung, the paper wrote.