Fiera Capital has soft-closed its Magna New Frontiers fund, Citywire Selector has learned.
In a letter to shareholders, the firm said the fund had reached over €500 million in assets under management and that assets in excess of this level would potentially compromise the investment managers' investment style, the types of companies they are able to invest in, as well as their strict liquidity criteria.
As a result, the fund was soft-closed on 28 February by imposing an initial 5% charge on all subscriptions.
A spokesperson for Fiera Capital said: 'This fund has always had a capacity limit as the managers are keen to ensure that the fund is managed with the same investment process as we have had up to now.
'This is so that we can continue to focus on performance and generating the best possible returns for our clients.'