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Nordea AM soft-closes A-rated duo’s EM equity fund

Nordea AM soft-closes A-rated duo’s EM equity fund

Nordea Asset Management is set to close one its emerging markets fund to new investors, Citywire Selector has learned.

The Nordea 1 – Stable Emerging Markets Equity fund will soft-close on February 1. According to a letter to shareholders seen by Citywire Selector, the fund has attracted substantial flows over the years and it has now reached capacity.

The $1.74 billion fund is managed by Claus Vorm and Robert Naess, who are both Citywire A-rated. Vorm and Naess have managed the emerging market fund since its launch in October 2011.

Vorm also manages the Nordea 1 – Stable Return fund with Kurt Kongsted and Asbjørn Trolle Hansen, which was soft-closed in in September 2016.

This latest soft-closure comes shortly after Nordea strengthened its fixed income fund range with the launch of a new strategy to be managed by Karsten Bierre.

Over three years to the end of December 2016 the Nordea 1- Stable Emerging Markets Equity fund lost 2.43% in US dollar terms. This compares to a fall of 6.42% by its Citywire-assigned benchmark, the MSCI EM (Emerging Markets) TR USD, over the same time frame.

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