Cartesian to close after 11 years and merge funds into Sanditon range

Set up as joint venture with Ignis in 2005

Cartesian Capital is to close its doors after the boutique's pair of funds reached a "sub-scale" AUM, with Sanditon Asset Management merging the mandates into its own offerings.

The groups share an ACD, Thesis, which approached Sanditon a few months ago to ask if the group would be interested in taking over the assets as the funds have a number of similarities. The £11m TM Cartesian UK Opportunities fund, run by Andrew Kelly and Jeremy Hall, is to be merged into the TM Sanditon UK fund, managed by Julie Dean. Meanwhile, the £2.5m TM Cartesian UK Enhanced Alpha fund, run by the same managers, is to be merged into the TM Sanditon UK Select fund, led by Tim Russell. Shareholders are being given the option to move across or withdraw their assets before the mer...