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NN IP to merge several equity funds amid streamlining

NN IP to merge several equity funds amid streamlining

NN Investment Partners will merge two European equity funds and two global equity funds next month amid a push to improve its sustainable fund range, Citywire Selector has learned.

This will see changes take place on May 17, with the NN (L) Global Equity fund being rolled into the larger NN (L) Global Sustainable Equity fund.

The former fund has €171 million and is run by Paul Vrouwes, Pieter Schop, Jeff Meys and Jeroen Bos. The receiving fund, which is managed by Hendrik Jan Boer, Jeroen Brand and Alex Zuiderwijk, has €693 million in assets.

A spokesperson said NN IP was streamlining its product offering and wants to focus on sustainable strategies, which are expected to be more advantageous to shareholders in the long term.

Meanwhile, the €100 million NN (L) European Equity Opportunities fund managed by Huub van der Riet and Willem Schramade will be blended into the €485 million NN (L) European Sustainable Equity fund.

The spokesperson confirmed that as the assets under management in the European Equity Opportunities fund were small and therefore made it a candidate for a merger.

Over three years to the end of March 2017 the NN (L) Global Sustainable Equity fund returned 8.85% in US dollar terms. This compares to a rise of 18.42% by its Citywire-assigned benchmark, the FTSE World TR USD, over the same time frame.

This is while the NN (L) European Sustainability Equity fund returned 28.29% over three years in euro terms. Its Citywire-assigned benchmark, the MSCI Europe NR EUR, rose 23.11% over the same time frame.  

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