Falcon Private Bank has liquidated one of its fund of funds strategies, Citywire Switzerland's sister title Citywire Selector has learned.
A spokesperson for the firm confirmed that the Falcon Best Select - Mixed (CHF) fund has been closed.
The fund was managed by fund selector and portfolio manager Kuno Schmid, who is still with the firm and continues to manage the Falcon Invest Sicav – Falcon Best Select Portfolio and Falcon Ivest Sicav – Falcon Best Select Equity funds.
Commenting on the closure, the spokesperson said the private bank is constantly optimising its funds portfolio and had taken the decision to liquidate the strategy because it was too restricted. The fund was dedicated to Swiss clients only.
This article originally appeared on Citywire Selector.