Matrix is closing its £145 million offshore Ucits platform business following a strategic review.
The platform of four funds, launched in May 2010, will close on 7 September, and shareholders cash will be redeemed.
Matrix said despite strong asset-raising for the sub-funds on the Matrix platform since launch, it is proving difficult for independent platforms to gain economies of scale, as seen by those bank-owned Ucits platforms.
The firm said it will now focus on distribution and asset-raising among its intermediary and institutional clients within the Ucits space.
Matrix is also working to continue its distribution of some of the sub-funds on the Ucits platform. The firm said this is being bolstered by strategic partnerships for additional Ucits fund managers, which it will announce in the near-future.
The Ucits sub-funds include Matrix Asia Ucits, Matrix Lazard Opportunities, Cantab Quantitative Ucits, which recently moved back to Cantab, and the Matrix New Europe Ucits fund, which closed this May.
Matrix added: ‘Ucits funds are only a part of Matrix’s wider alternative fund management and distribution offering, which aims to provide innovative and tailored investment products for clients.’
It said other investment strategies include hedge funds, funds of funds, emerging managers and tax efficient products (such as EIS).