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PSigma to close European Income fund

The PSigma European Income fund is to close after failing to attract new investors.

Ian Chimes
Ian Chimes

The fund was launched in 2007 and has only attracted £1m in assets. It is run by 2CG, the boutique investment manager co-founded in 2000 by Chris Garsten, former manager at Credit Suisse, and Charles Glasse, former head of European equities at M&G.

Ian Chimes, managing director of PSigma Asset Management, says: “The assets under management of the fund are currently approximately £1m, which for a regulated fund is extremely small. This size of fund can be inefficient to manage, with disproportionately high fixed costs of operating such a fund being borne by investors. We believe this is reflected in the fact that the fund is proving unattractive to new investors.”

The fund will close on March 16, 2012 and investors will be switched into the £400m PSigma Income fund, run by fund manager Bill Mott, unless they notify the firm otherwise to switch their investment into another PSigma fund or redeem their investment.

The PSigma Income fund invests primarily in UK companies, but may also invest internationally.

Investors have to notify PSigma to switch its unit holding before midday on March 15 2012.

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