Neptune Investment Management is seeking regulatory approval to close its US Mid Cap fund as its manager Patrick Close exits the firm.
The group is applying to the Financial Conduct Authority (FCA) to close the fund, which has £550,000 in assets under management, a year after it was launched on 1 August 2016. A statement from the group which was founded by CEO Robin Geffen, said it regularly reviews its fund range to ensure it meets the requirements of investors and the US Mid Cap fund has attracted lower-than-expected investor demand. As a result, the costs associated with running the portfolio mean it is not in the interests of shareholders to continue running the strategy. All existing holders have been notified a...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
