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.
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.
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.