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BlackRock to soft close AAA-rated Hibbert's European Dynamic fund
by Matthew Goodburn on Sep 04, 2013 at 09:18
This fund has also delivered impressive performance over the last three years, returning 18% versus a 9% rise in its benchmark with its drawdown of 3.8% among the best in the peer group.
Meanwhile the firm also said it plans hard to close two top performing European equity funds run by Hibbert and Devlin next month.
The group said Hibbert's €1.93 billion BGF Continental Europe Flexible fund would be 'closed to further subscriptions from new and existing shareholders' from 7 November.
This is while the €1.59 billion BSF European Absolute Return A2 EUR fund run by Devlin and Gries would also close to new and existing investors from that date.
Hibbert's BGF Continental European fund is second in the 77-strong Citywire European equities sector over three years returning 48.7%. This compares to its benchmark, which rose 27%,
Meanwhile, over three years, Devlin's BlackRock European Alpha fund has returned 19.6% compared to the STOXX Europe 50 benchmark, which rose 14.8% over the same time period.
Commenting on the closures, BlackRock's head of UK retail Tony Stenning said: 'We work closely and continuously with our risk and portfolio management teams across BlackRock to ensure our funds are being optimally managed and have taken the decision to introduce these changes to protect the interests of our existing investors by ensuring the funds can continue to be managed in accordance with their investment mandates.'
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- BGF Continental European Flexible A2 EUR
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