Cazenove shuts UK Absolute Dynamic to new investment

Cazenove has closed its Absolute UK Dynamic fund one week after its launch having raised £123m.

The group has implemented an issue limit of 130m shares and closed the fund to further subscriptions across all share classes. “While we are pleased with the support, the action we have taken is in the interest of shareholders in order for the managers to invest without compromising the fund’s investment objective and policy,” says Robin Minter-Kemp, Cazenove’s managing director of investment funds. “We do expect the fund will be available for further investment in the future. Our actions will not affect any redemption facilities on the fund.”