FMG has unveiled its latest hedge fund, the Scandinavian Fund Ltd. The new product is a single-strategy long-short equity fund, seeking to invest in the equity markets of the Scandinavian Countries, comprised of Norway, Sweden, Denmark, and Finland. The fund was officially launched on November 1. Other FMG hedge funds include a High Tec Fund, BMed, US Fund and the Global fund. According to a released statement, the Scandinavian fund�s objective is to �create superior return from pair trades�. The fund may also utilize derivatives and leverage to accomplish its stated goals. In the first month of trading, the Scandinavian fund gained 0.36%, while the MSCI fell by 0.36 during the same month of November.
Morgan Stanley, London has been selected as the Prime Broker for the new fund, and administrative duties will be fulfilled by Apex Fund Services of Bermuda, and FMG ASA of Oslo.
The fund has three principals. They include Knut A. Sorenson, who is the chief investment officer; Christian Bryner and Gunner Chr. Detlie who are the portfolio managers. Mr. Sorenson, has impressive credentials, and work experience, he graduated from Gothenburg School of Economics at Gothenburg University, with a BA degree with honors in finance and banking. He also served as a manager with Carnegie Asset Management for 6 years.
In a press statement, Mr. Sorenson said, �We will attempt to exploit the opportunities arising from unstable stock prices in Nordic enterprises with US dollar sales and expenses in local currency; We will position the Fund long biased, most likely above 100 % of NAV. Reason being that Scandinavian stocks will benefit from better margins arising from cost cutting and top line growth. Economic growth and stimulating monetary and fiscal policies in America and theOECD area will benefit Scandinavian stocks. We will purchase stocks that are undervalued, i.e. below our intrinsic value�
Gunner Chr. Detlie, 31 years old, has masters of management of financial institution from the Norwegian School of Management. He also has a master of philosophy in international finance from University of Glasgow in Scotland. Christian Bryner, 31 years old, has bachelor�s degree with honors in finance from the University of Strathclyde, Scotland.
FMG group is a global asset manager, domiciled in Bermuda; the management group has offices in Oslo, Stamford, Stockholm, and London, and manages about US $300million in total assets.
Source: Paul Oranika
Editor-in-Chief
Hedgeco.net
