Exane Asset Management has closed the technology-focused long/short equity fund overseen by sector veteran César Zeitouni, Citywire Selector has learned.
It has now emerged that the Paris-based group opted to close the Exane Funds 2 – Exane Prime Technology fund on April 1. The initial launch of the fund had not been publically announced to enable Zeitouni to build a necessary track record.
According to Lipper data, the fund peaked at €24.2 million in assets at the end of December 2015. It since dropped to €7.6 million, which was at April 22.
A spokesperson confirmed the closure to Citywire Selector and said the fund had failed to gain significant investor interest. Zeitouni, who joined Exane Asset Management in 2006, remains with the company following the closure of the fund.
The Exane Funds 2 – Exane Prime Technology fund returned 17.8% in euro terms over the 29-month period since its launch. This is while the fund’s technical indicator, the FTSE AW/Technology TR, rose 42% over the same period.