AllianzGI liquidates Market Neutral Asian Equity fund as assets shrink

'No longer capable of properly pursuing its investment strategy'

The Allianz Market Neutral Asian Equity fund has closed due to low assets under management, according to the firm, as its €6.6m AUM means it will "no longer be capable of properly pursuing its investment strategy" and "maintaining a diversified portfolio of investments".

This comes following the departure of its manager Woo Fook-Cheong in April. He was replaced by manager George Liu on 20 April. Allianz Market Neutral Asian Equity, the dollar-denominated share class of which was launched by Fook-Cheong on 11 February 2014, aiming to provide risk-adjusted returns throughout the market cycle via long and short positions in Asia Pacific equities. According to its factsheet, it was "participating in the performance of [AllianzGI's] Discovery Asia strategy", which it did via a derivatives structure known as a Total Return Swap. Allianz GI brings top-per...