Paribas to close Millennium Tracker fund

BNP Paribas subsidiary Privalto is closing its Millennium Tracker fund as it is too small to remain economically viable.

Launched in May 2009, the multi-asset absolute return vehicle has attracted assets of £7m. Head of Privalto Sisouphan Tran says: "At this size the fund was just managing to cover its fixed costs. "This means at some point the fixed costs would start to have an impact on the fund's performance and we need to consider our investors. "We still believe in this strategy, but the absolute return sector is a crowded space in the UK." Investors can choose to switch into another Privalto or Harewood Solutions fund, or opt for a cash exit.