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Barings’ global mining fund marks latest liquidation

Barings’ global mining fund marks latest liquidation

The Baring Global Mining fund is the latest to feel the force of the asset manager’s product range review, having been liquidated on 31 October, Citywire Selector has learned.

The closure of the fund coincides with Barings shutting Citywire AAA-rated Ajay Agarwal’s India fund and Ghadir Abu Leil Cooper’s MENA strategy, which was reported by Citywire Selector last week.

All three funds were closed following a ‘thorough analysis’ of the company’s overall fund offering, which assessed efficiencies in the wake of Barings merging all subsidiaries into one entity last September.

The Baring Global Mining fund was overseen by Clive Burstow, who had rejoined the company from BlackRock to work on its global energy and materials strategies in 2011. This marked his second stint with the firm, having previously been at Barings between 2004 and 2007.

In a note to shareholders, Barings said it had opted to close the Luxembourg-domiciled fund after assets dropped to $9.4 million, which made it economically unviable. As with the India and MENA funds, Barings had looked for a suitable fund to merge it with but none were apparent.

The Baring Global Mining fund returned 4.4% in US dollar terms over the three years to the end of October 2017. This compares with an 11% loss by the average fund in the Equity – Natural Resources sector over the same period.

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