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Fund digest: the latest spate of closures

A weekly round-up of all the latest fund launches, closures and changes that hit markets between 20 February and 24 February.

As the second month of the year comes to a close, so do many funds, as a spate of fresh liquidations and soft closures are announced by asset managers.

Citywire Switzerland brings you all the launches and closures made over the week from 20 February - 24 February. Last week, a quadruple fund liquidation was announced by US group Ivy Investment Management and Notenstein La Roche’s European equities fund was closed.

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As the second month of the year comes to a close, so do many funds, as a spate of fresh liquidations and soft closures are announced by asset managers.

Citywire Switzerland brings you all the launches and closures made over the week from 20 February - 24 February. Last week, a quadruple fund liquidation was announced by US group Ivy Investment Management and Notenstein La Roche’s European equities fund was closed.

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Fight for four

Kansas-based asset manager Ivy Investment Management has announced plans to liquidate four of its eight Sicav strategies in its Ucits arm, Ivy Global Funds.

The four funds will close by March to focus on strategies the group believes present the ‘best opportunity going forward’.

One of the four is the Ivy Global Investors Asset Strategy, which has had assets plummet from $15 billion to $4.8 billion since the departure of veteran manager Michael Avery in February 2016.

Another to be liquidated is the Ivy Global Investor Balanced fund managed by Matthew Hekman, which was launched only to non-US investors in January 2016.

Also to be liquidated is the Ivy Global Investors US Large Cap Growth fund managed by Daniel Becker and Bradley Klapmeyer, and the Ivy Global Investors Science and Technology fund managed by Zachary H. Shafran.

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Regroup and refocus

Last week, Citywire Switzerland revealed Notenstein La Roche had announced the liquidation of its European equity fund, the Notenstein La Roche Europa fund.

The fund was managed by CIO and head of investment strategy and research, Citywire A-rated Mattias Geissbühler.

Geissbühler ran the strategy alongside head of research at the bank, Antoine Diserens.

Geissbühler also manages the Notenstein La Roche Asia Opportunity, Notenstein La Roche CH Mid-Small-Index Active Plus fund and Notenstein La Roche North America fund.

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On the waiting list

Schroders has announced the soft closure of two funds on its GAIA platform and has set up a waiting list to manage further subscriptions.

Both the Schroder GAIA Two Sigma Diversified fund and Schroder GAIA Cat Bond fund are closed to new investors.

The cat bond fund, run by Daniel Ineichen, will close on 28 February after it accrued over $1.1 billion over the past six months.

The Schroder GAIA Two Sigma Diversified fund launched in August 2016 in a partnership with US boutique Two Sigma Advisers, was closed to new investors on 17 February.

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US double downturn

US asset manager Calamos Investments has closed two of its Ucits funds after failing to attract enough assets this month, Citywire Switzerland’s sister site Citywire Americas has revealed.

The Ireland-domiciled Calamos US Growth fund and the Calamost Global High Yield fund were both shut on 2 February.

Both were run by the founder of the Illinois-based investment firm John Calamos.

Combined, the two funds had approximately $21 million in assets under management, most of which came from corporate assets. It has been confirmed the assets will be redeployed to building new investment vehicles.

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