8 Apr 2011
Coeli Acquires Plenum Power Surge Hedge Fund
Nordic Business Media (HedgeFonder.nu) - Entrepreneurial banking specialist, Coeli AB, has acquired the 43 million-euro ($61 million) Plenum Power Surge hedge fund. Coeli takes over the management of the hedge fund from Plenum Investments.
One of the hedge fund´s co-founders, Henrik Wennberg, will take over as head trader starting May 1st 2010. The fund will be re-named the Coeli Power Surge Fund and will retain it's strategy of investing in Nordic electricity contracts, according to a letter from the Swedish banking specialist.
“Considering the very specialized knowledge and commitment it takes to be successful in this market, It is necessary to be able to focus my solely on managing the portfolio.” Wennberg said of the acquisition, ”By working with Coeli, I will have the opportunity to do so. Coeli has the strong infrastructure with licenses, administration, risk management and distribution that international investors are looking for.”
Wennberg has been a senior fund adviser for the Plenum Power Surge fund and an electricity trader for more than 12 years, Wennberg joined Plenum in 2005 from Norweigan energy fund, Markedskraft ASA.
Coeli is also aquiring a majority stake in Wennberg International Advisory AB. Coeli now offers a new single manager hedge fund with focus exclusively on the Nordic power market.
Editor for Nordic Business Media AB
Posted by Alex Akesson at 9:53:00 am