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Matrix to close Ucits platform and Asia sub-fund

Matrix Group is set to close its Ucits platform later this year, with its Asia sub-fund closing in September.

The Irish-domiciled Matrix Ucits Funds umbrella, was launched in May 2010 and currently includes four sub-funds.

The Ucits umbrella fund includes the Matrix Asia fund, Matrix Lazard Opportunities fund, Cantab Quantitative Ucits fund and Matrix New Europe Ucits fund, which closed in May. The Cantab fund was previously hosted on the Matrix platform, but was moved to Cantab in July.

The Matrix Asia fund is due to close on September 7 and all shareholders will be redeemed in cash as of that date. The fund is an offshore Ucits fund that has a long/short strategy and aims to produce long term capital appreciation through investing in Asia. It is run by Asia fund manager Rupert Foster.

A spokeswoman for Matrix says: “Despite strong asset-raising for the sub-funds on the Matrix Ucits platform since launch, it continues to prove difficult for independent platforms to achieve the economies of scale enjoyed by the larger, bank-owned and supported Ucits platforms.

“The future of individual sub-funds has been communicated to investors independently. Matrix is working with the sub-funds to help smooth any transition process.”

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