Absolute Return selects Quintillion for NEAS Power Fund
Quintillion fund administration has been appointed by Absolute Return Partners to provide administration services to its NEAS Power Fund which launched on 1 October 2009.
The fund will trade futures, forwards and options on electricity, carbon emission certificates and the commodities which are the components of the power complex (coal, gas and oil) and will be applying a relative value approach.
More than 95 per cent of the securities traded will be listed on either Nordpool or the EEX, the two main European power exchanges.
The fund has been incorporated as an umbrella company registered under the laws of Malta.
Absolute Return has appointed NE Capital Management to be the sub-investment manager with responsibility for the day-to-day management of the portfolio. NE Capital Management is the capital management arm of Nordjysk Elhandel (NEAS), a Danish energy company with substantial commercial interests and trading experience.
Jan Vilhelmsen, senior partner at Absolute Return Partners, says: “We are very pleased to have selected Quintillion as our administration partner and look forward to a mutually beneficial relationship post the successful launch of the NEAS Power Fund on 1 October Quintillion’s pro-active project management did help to make our operational set-up and launch phase very straightforward and has, we feel, validated our selection decision.”
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