MNJ hedge fund mulls future after key investor exits

LONDON (Bloomberg) - MNJ Capital Management is considering its future after the Singapore-based hedge fund's largest investor withdrew, according to a person familiar with the matter.

The company is evaluating a number of options and will tell the remaining investors about its plans shortly, said the person, who asked not be identified because the matter is private.

Calls and e-mails to Joseph Oyaski and Michael Henderson, who founded MNJ in 2005, were not immediately returned.

Brummer & Partners AB said Wednesday that it's redeeming investments because MNJ made a "negative marginal contribution" to the Swedish money manager's performance. The firm pumped US$400 million into MNJ in 2014 and was its largest investor.

The MNJ Asia-Pacific Absolute Return Fund lost 9.3 per cent this year through Feb 15, according to Brummer's website.

MNJ uses computer algorithms to trade in US and Japanese equity markets. The fund managed US$480 million at the end of January, according to Brummer's website.

Brummer, which started in 1995 and oversees US$16.6 billion, said earlier this month it's redeeming investments in Canosa Capital and Zenit Asset Management and the two hedge funds will close.

It will invest in Talarium Capital, a startup managed by Marko Soldo, formerly with Millennium Capital Management.

Swedish website Privata Affarer earlier reported Brummer's withdrawal.