Lombard Odier has closed its Luxembourg-domiciled global value fund after the assets under management fell below a workable level.
The Swiss asset management firm revealed the strategy, the LO Funds – Pzena Global Value fund, was closed at the beginning of January following a review of operations.
A spokesperson for Lombard Odier told Citywire Global the closure was carried out for operational reasons and that the company continues to operate a host of similar, alternatives both in-house and through its open-architecture approaches.
The fund was originally launched in May 2007 and run on mandate by a team from New York-based boutique Pzena Investment Management.
According to the latest available factsheet, the fund had $40.53 million in assets under management at the end of September 2012.
The LO Funds – Pzena Global Value fund returned 9.2% in US dollar terms in three years to the end of November 2012. This compares to its Citywire benchmark, the MSCI World TR USD, which rose 24.22% over the same period.