graubuendenThe €1.8bn ($2.4bn) Swiss pension fund Kantonale Pensionskasse Graubünden has redeemed from one of its hedge fund managers as a result of the firm’s poor performance.

The scheme, which previously invested 2% of its overall portfolio to two funds, Unigestion and Harcourt, recently decided to withdraw from the latter due to the fact that its “results were below expectations,” a source at the pension told HFMWeek. Founded in 1997, Zurich-based Harcourt currently manages around $4.7bn in assets, with global offices in New York, Hong Kong, Stockholm, Geneva and the Cayman Islands.

The pension scheme, which has been investing into the sector since 2007, is the latest in a number of European funds planning to redeem from their hedge fund investments.

 HFM Week