Bodenholm Capital, a large Swedish hedge fund with $511.2 million in AUM, is shutting its doors and returning money to its investors. A report indicates that the multi-strategy fund has struggled to perform in the ongoing coronavirus downturn. One of its core investors, Brummer & Partners, said on its website that Bodenhelm was shutting.

This report indicates that the CEO, CIO, and other senior members of Bodenhelm resigned.

“We have had discussions with Bodenholm regarding the fund’s investment and risk management for some time, and the CIO and parts of the investment team have announced their intention to resign from Bodenholm”, said Mikael Spångberg, CEO and portfolio manager of BMS, in a conversation with Reuters.

The fund’s board of directors elected to shutter the firm. The firm will return capital to investors on April 15.

Bodenholm Capital and Its Investors

The hedge fund did not respond to a request for comment from Reuters. According to the report, the firm will convert all holdings to cash and stop management fees starting next Wednesday.

Recently, Solus Alternative Asset Management, one of the top distressed asset shops on the block, announced it was shutting down its flagship fund. In addition, Blue Harbour announced it would close on March 3.