UPDATE 1-Ex-Millennium Collison shuts Asia hedge fund -sources
* Orvent closes $130 mln event-driven fund
* Swedish seed capital investor pulled out
* Fund was started by Scott Collison, former Millennium manager
* Hedge funds under pressure after tough 2011 (Filing nowAdds detail, background)
HONG KONG, May 23 (Reuters) - Singapore-based Orvent Asset Management has shut its $130 million event-driven hedge fund after its Swedish seed capital investor pulled out at the end of April, two sources with direct knowledge of the matter said.
Stockholm-based Brummer & Partners, one of Europe's largest hedge funds, with about $14 billion under management, backed Scott Collison, a former portfolio manager at Millennium Management in Singapore, in starting the fund early in 2011.
The closure, which ends all investments into Asia-based hedge funds by Brummer & Partners, is the latest in a growing list of hedge funds to shut shop in the region following a tough 2011 when the Eurekahedge Asia index dropped 8.2 percent.
The Orvent fund lost 7.3 percent last year and was down a further 3.6 percent by the end of April in 2012, according to a fund information document from Brummer & Partners.
By comparison event-driven hedge funds as measured by the Eurekahedge index were up about 1 percent in 2011 and 8.6 percent in the first four months of this year.
Collison and Brummer spokesman Jacob Lannero declined to comment.
Orvent joins another Asia-focused hedge fund seeded by Brummer, in mid-2009, in closing. The Karakoram fund shut after the Swedish firm pulled out in December 2010 following a 15.4 percent loss in the fund that year.
Collison, the chief investment officer of Orvent, managed the fund with four colleagues, with additional staff from Brummer providing operational support.
More than 140 Asia-focused hedge funds shut down last year, according to Eurekahedge. (Reporting by Nishant Kumar; Editing by Joseph Radford)