A new activist hedge fund appeared on the scene this week, as Bermuda-based Equilibria Capital Management was reported to be behind a shareholder call to spin off private banking business Kleinwort Benson from RHJ International, its private equity owner.

Equilibria, which is headquartered in Hamilton, Bermuda but has offices in Geneva, launched its first fund in 2009 and is led by a group of former Morgan Stanley private bankers.