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Schroders closes global macro chief’s Alt Ucits fund

Schroders closes global macro chief’s Alt Ucits fund

Schroders has closed the Alternative Ucits global macro bond fund overseen by Citywire + rated investment veteran Bob Jolly following a fall in assets, Citywire Selector has learned.

The Schroders GAIA Global Macro Bond fund was launched in October 2012 as a Luxembourg-domiciled fund on the firm’s GAIA platform, which houses liquid alternative strategies.

It was closed at the end of January following a fall in assets. According to the fund’s January factsheet, it had €9.3 million in assets under management at the time of closing. According to Lipper data, the fund reached a peak of $143.5 million in September 2014.

A Schroders spokesperson told Citywire Selector: ‘I can confirm we have closed Schroder GAIA Global Macro Bond. We continually review our GAIA fund range and as a result we believe that this fund became too small to be run economically.’

This marks the second closure for Jolly in quick succession, with his Schroder Institutional International Bond fund, which was for UK-only investors, having shut this month. Jolly continues to run several bond funds, covering European, global and inflation-linked bonds.

The fund lost 3.9% in euro terms over the three years to the end of January 2016. This compares with a return of 5.68% by the average manager in the Alt Ucits – Global Macro over the same timeframe.

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