Goldman Sachs Asset Management has closed its US mutual fund focused on the BRIC nations following a fall in assets under management.
The US-domiciled fund, which was launched in 2006, targeted investment in Brazil, Russia, India and China.
However, following a fall in assets under management, it has now been absorbed into the larger Goldman Sachs Emerging Markets Equity fund.
In an SEC filing, the group said it had closed the fund due to limit outlook for further growth and to also eliminate crossover between similar strategies.
The decision to merge away the fund marks a significant change in tact for the Goldman Sachs, with its former economist Jim O’Neill having created the BRIC term in 2001.
The Luxembourg-domiciled fund, which was also launched in 2006, had $211 million in assets under management according to the latest available data.
BRIC-focused funds have undergone an active couple of years, with Allianz Global Investors having overhauled its efforts in late 2013, while Danish group Sydinvest also undertook a restructuring in September of last year.