Amundi has closed Cosimo Marasciulo’s ethical corporate bond fund after assets fell to a level deemed no longer viable, Citywire Selector has learned.
The Pioneer SF Ethical Corporate Bond fund was launched as a Luxembourg-domiciled vehicle in December 2014 under the original stewardship of Richard Casey.
Marasciulo, who is a named manager on multiple bond funds across a range of bond sectors at the company, became lead manager on the specialist strategy in the summer of 2017.
It is understood assets in the fund sat at €18 million on February 8 when it was formally closed. Amundi confirmed the closure and said it was unrelated to the merger of the two companies, which took place in June 2017.
The fund was originally conceived to invest in investment grade corporate debt from European issuers based on social, ethical and environmental considerations.
It is understood it was developed for one specific client who was briefed by Amundi about the future of the fund and it was jointly decided to no longer continue operations.
The Pioneer SF Ethical Corporate Bond fund returned 4.8% over the three years to the end of January 2018. This compares with a 5.6% rise by its technical benchmark, the FTSE Euro Corporate Bond TR, over the same timeframe.