Vontobel shuts equity fund due to capacity concerns
Dwindling investments sees Zurich-based asset managers roll Luxembourg-domiciled fund into existing strategy.
Markets
by Chris Sloley on Dec 04, 2012 at 07:01
Vontobel Asset Management has closed its large-cap biased Swiss equity fund as its size has fallen below its required operational level.
The company, which has headquarters in Zurich, has opted to merge the Luxembourg-domiciled Vontobel Fund Swiss Stars Equity fund and into its Vontobel Fund Swiss M&S Cap Equity fund.
A spokesperson for Vontobel told Citywire Global the decision to close the Swiss Stars fund was driven by concerns over the volume of assets invested.
The spokesperson said: ‘The asset size of the fund was under the minimum volume and therefore an efficient management of the fund was not possible.’
‘The investment policies of the two funds were very similar, but the Vontobel Fund - Swiss Mid and Small Cap Equity is focusing on small and mid-caps.’
The Vontobel Fund Swiss Stars strategy had been overseen by Dejan Srejic since November 2011. He continues to run the Vontobel Swiss Equities fund and the mandate, Raiffeisen Fonds – SwissAc B .
At the time of closure the fund had CHF 34 million (€28 million) in assets under management, according to the fund's September 2012 factsheet.
The CHF 82 million (€68 million) Vontobel Fund Swiss M&S Cap Equity fund is run by the firm’s head of Swiss equities, Marc Hänni.
It has returned 0.9% over the past three years in Swiss francs terms. This compares to its Citywire benchmark, the Swiss Performance Index Small & Mid TR, which has risen 13.1% over the same period.
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