AXA IM has decided to close its Pan European High Yield Bond fund after it has shrunk to £25.9m, the asset manager has confirmed to Investment Week.
The fund, which launched in 2012, has returned 3.4% over five years, according to Morningstar data. "We felt [the fund] no longer provided value for its unitholders and therefore believe that it would be in the best interests of all parties to close the fund," a spokesperson from AXA IM said. Winning with losers in the high yield bond market A document seen by Investment Week explains AXA IM also does not believe there will be an increase of demand for the fund or its strategy enough to attract new investments. The fund closes on 16 June. The manager, James Gledhill, also run...
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