Orvent Asset Management, the Singapore-based hedge fund is shutting down after its Swedish seed capital investor decided to pull out. 

Brummer & Partners, the Stockholm-based investor with around $14 billion under management, withdrew from the $130 million event-driven hedge fund run by former Millenium Management portfolio specialist Scott Collison due to a negative market environment. The European firm had invested in the business in early 2011. 

The withdrawal follows a series of shutdowns in 2011 in the region when the Eurakahedge Asia index declined by 8.2 per cent. Eurekahedge is the world's primary performance indicator for the hedge fund industry. During the year, Orvent Asset Management posted a loss of 7.3 per cent and reported a further 3.6 decline by the end of April 2012. 

According to Eurakahedge, over 140 Asia-focused hedge funds shut down in 2011.