Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

BlackRock hard-closes another star European fund

BlackRock hard-closes another star European fund

BlackRock has closed its European Opportunities Extension fund to new money, having taken similar action with several other European mandates over the past year.

European Opportunities Extension has around £540 million of assets under management, and employs a long/short strategy run by Citywire A-rated David Tovey, Zehrid Osmani and Simon Hunter.

Over the past three years the fund has returned 85.2%, the second-best performance in its Long/Short Equity sector where the peer-group average for the period is 11.2%. It also ranks second on one and five-year views.

‘The fund has received strong levels of subscriptions during this year and during this time we have taken preliminary steps, including reducing marketing activities, to control the size of the fund to ensure that it does not exceed its capacity,’ BlackRock stated.

‘As subscriptions have remained strong and the fund has continued to grow in size, we have decided to take further actions.’

The group has consequently closed the fund to both new and existing investors.

Earlier this year BlackRock announced that it would similarly shut its £1.3 billion European Credit Strategies fund, managed by Citywire AAA-rated Michael Phelps, once it hit £1.4 billion.

And late last year BlackRock set out its plans to stem flows into A-rated Alister Hibbert’s £2 billion European Dynamic and £1.6 billion Continental Europe Flexible strategies, as well as + rated Vincent Devlin’s £70 million European Absolute Alpha and £790 million European Absolute Return funds.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

David Tovey
David Tovey
2/53 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: 82.33%
Zehrid Osmani
Zehrid Osmani
2/81 in Alternative UCITS - Long/Short Equity (Performance over 1 year) Average Total Return: 14.32%
Simon Hunter
Simon Hunter
4/81 in Alternative UCITS - Long/Short Equity (Performance over 1 year) Average Total Return: 14.32%
Vincent Devlin
Vincent Devlin
44/53 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: 13.72%
Michael Phelps
Michael Phelps
3/32 in Alternative UCITS - Bond Strategies (Performance over 3 years) Average Total Return: 17.01%
Alister Hibbert
Alister Hibbert
7/75 in Equity - Europe Excluding UK (Performance over 3 years) Average Total Return: 51.48%
Citywire TV
Citywire TV
Play Hendersons' Kerley: investing in Marmite-like China

Hendersons' Kerley: investing in Marmite-like China

Citywire A-rated manager sees higher quality growth originating from China's current reforms.

Play Oil slump opportunities, Japanese recession & a UK bank conundrum

Oil slump opportunities, Japanese recession & a UK bank conundrum

Investment Pulse this week looks at further challenges for the British banking sector, Japan's return to recession and the continuing weakness of brent crude.

Play JPMAM's Georgina Brittain: the best opportunities in mid caps

JPMAM's Georgina Brittain: the best opportunities in mid caps

Brittain discusses where she sees opportunities in mid caps despite rising valuations.

Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter