The funds had struggled to raise money once the credit crisis set in and could not drum up support on the back of performance as this had failed to impress.
Chelsea Financial Services director Darius McDermott says the Maia funds were in the third and fourth quartile and the companies could not cover the costs of a joint venture.
He says: “It is not surprising that some funds are going to close because they do need to raise a certain amount of money to have a viable operation. If you are not earning enough to meet the costs of the business, you have to take a view and that is an issue for a number of funds.”
The Ignis Maia funds were taken in-house by Ignis last week to be managed by former Maia Capital partner Simon Mungall. The company is also in talks with Vincent Ropers but the remaining partners Chris Ralph and Jason Collins have left.
Hargreaves Lansdown senior investment analyst Meera Patel regards Ralph and Collins as the main members of the Maia team and is surprised at their depart- ures while Mungall and possibly Ropers will remain. Patel says: “When the joint venture was set up, that came as a surprise. It is a shame that it did not work but it has not come as a shock. It did not raise much in the way of assets.”
The Maia funds have £104m in combined assets under management.