Thames River has announced it is to close its Irish-domiciled absolute return fund, after it failed to attract new inflows over the past three years.
The decision was taken by the directors of Dublin Oeic traditional multi funds, “in the best interests” of the fund and investors.
The fund is managed by head of multi-alternative Ken Kinsey-Quick and assistant fund manager James Rous.
According to Standard & Poor’s, the it stood at £59m at March 2011.
In its most recent report, Standard & Poor’s described the fund’s performance as “disappointing”, but retained its “AA” rating.
The portfolio will be liquidated “as soon as possible” and hold the portfolio in cash during the formal notice period.
All shares in the fund will be redeemed on the dealing day of November 18, and will be closed to new subscriptions.
Investors electing for cash will receive the proceeds within five working day of the final net asset value calculation on November 18 or will be able to transfer into other funds.