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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.

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David Tovey
David Tovey
2/55 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: 99.37%
Zehrid Osmani
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Simon Hunter
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4/80 in Alternative UCITS - Long/Short Equity (Performance over 1 year) Average Total Return: 16.40%
Vincent Devlin
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48/55 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: 12.58%
Michael Phelps
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3/31 in Alternative UCITS - Bond Strategies (Performance over 3 years) Average Total Return: 15.44%
Alister Hibbert
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16/77 in Equity - Europe Excluding UK (Performance over 3 years) Average Total Return: 66.58%
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