Fund launches & closures

Horizon21 hands back outside capital, spins off hedge funds

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Horizon21, the Swiss multi-alternatives firm headed by RMF Investment Management founder Rainer-Marc Frey, is reinventing itself as a private investment office to manage money solely for the firm's founders and partners.

As part of the restructuring, the team behind the firm's H21 Multi-Strategy hedge fund is splitting off into a new investment firm. ActiveAlpha is set to open its doors in October and will continue to manage the fund and its current assets. The fund held €65 million in April, when Horizon21 last revealed its figures.

Frey and the Horizon21 board recently took the strategic decision to stop