Stockholm-based manager Brummer & Partners is to withdraw its backing for a hedge fund set up by a former FN Rising Star, after it racked up losses of more than 4% since its launch barely a year ago.

Talarium Capital, which operates a global fundamental approach with a focus on Europe, was set up last year by its chief investment officer Marko Soldo. A former portfolio manager at Izzy Englander’s Millennium Management, Soldo was named one of FN’s Rising Stars in hedge funds in March 2015.