Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Invesco shuts Middle East and North Africa ETF

Invesco shuts Middle East and North Africa ETF

Invesco is to close its Middle East and North Africa exchange-traded fund (ETF) as it has fallen below its target size.

The PowerShares Middle East North Africa Nasdaq OMX fund is scheduled for liquidation on 1 April 2014, with final settlement expected on 11 April.

Invesco, whose passive range is branded PowerShares, explained that it had decided to shut the ETF ‘because assets under management have fallen below a level at which the fund can be considered viable’.

The fund’s articles specify that its shares may be redeemed if its net asset value is less than $350 million (£211 million) for a period of thirty consecutive days. Invesco confirmed that the net asset value had stood ‘significantly below’ this threshold over the past month.

The ETF has returned 6.6% since inception in 2009, compared with 9% from its underlying index and 17.2% from the MSCI Emerging Markets index.

Invesco recommended that investors redeem their shares in the fund ‘at the next available opportunity’, and has undertaken to bear all costs associated with the closure of the ETF.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter