BNY Mellon has closed two funds after their assets dwindled.
The BNY Mellon Evolution Global Alpha fund launched in 2006 as a multi-asset absolute return strategy. Over the past three years it has lost 0.73% on an annualised basis, and contained less than £6 million at its closure.
The BNY Mellon Latin America Infrastructure fund launched in 2010, and invested in the shares of firms involved with the continent’s infrastructure rather than in physical assets.
Managed by Bruno Garcia, over the past three years it has lost an annualised 10.9% compared with an equivalent decline of 9.5% from its MSCI EM Latin America 10/40 index. The fund held around £1 million when it closed.
‘We constantly review the structure and position of the sub-funds in BNY Mellon Global Funds,’ said a spokesperson for the group.
‘As part of this process we have concluded that the small size of the sub-fund may be preventing it from achieving the economies of scale in ongoing operating costs that would best serve the interests of investors in the sub-fund.’