The onshore fund, with over £63.3m at the end of May, will remain open and will continue to be managed by Gary Potter and Rob Burdett, co-heads of Thames River Capital Multi-Manager. Their Multi-Select proposition is now the only offshore fund in their multi-manager range of funds.
The decision was taken after three years of operation and with “no evidence of any substantial new subscriptions on the horizon”. As a result, the directors of the company have given shareholders notice of their intention to redeem all the shares on 10 August and subsequently close the fund.
In an announcement to shareholders, it was noted: “The Directors believe, that it is in the best interests of investors to liquidate the portfolio by the close of business in Dublin on 18 July, 2011, and then to hold the portfolio in cash during the formal notice period.”
The fund has been closed with immediate effect to new investors though it will remain open for redemption applications. Its final net asset value, to be calculated on a bid basis, will be prepared at 10 August, 2011.
