View more on these topics

Thames River to fold absolute return fund

Thames River is closing its Irish-domiciled absolute return fund after struggling to attract new inflows.

The fund launched in January 2010 and stood at £45m at the end of September.

Thames River says the decision to close the fund, which is managed by head of multi-alternative Ken Kinsey-Quick and assistant fund manager James Rous, is in the best interests of the fund and investors.

The portfolio will be liquidated as soon as possible. All shares will be redeemed on November 18 and will be closed to new subscriptions.

Investors electing for cash will receive the proceeds within five working days of the final net asset value calculation. Investors will also be able to transfer their holdings to other funds.

In its recent report, Standard & Poor’s described the fund’s performance as “disappointing” but it kept its AA rating.

A Thames River spokesman says: “Since launch, the fund has not grown in size and there is no evidence of substantial interest on the horizon.”

Chelsea Financial Services head of investment products Matthew Woodbridge says: “We are going to see a lot more consolidation in the absolute return sector. There are too many funds chasing too little money.”

Recommended

House prices up 0.4% in October

House prices edged up 0.4 per cent in October, according to the latest house price index from Nationwide. The average price of a home is now 0.8 per cent higher than a year ago at £165,650. Nationwide chief economist Robert Gardner says: “Given the challenging economic backdrop, October’s data is encouraging, but it does not […]

2

FCA chief doesn’t want product approval

Financial Conduct Authority chief executive designate Martin Wheatley says the FCA should not have the power to pre-approve products. Under current plans, the FCA will be able to intervene in product development and ban products for up to a year. Wheatley, who was head of the Hong Kong Securities and Futures Commission, said: “Pre-approval would […]

Structured product providers face additional compliance costs

Structured product providers are facing additional costs as a result of the FSA’s new guidance on structured products. The guidance, published today, says structured product providers must identify their target market and design products that meet those customers’ needs, pre-test new products to ensure they deliver fair customer outcomes and ensure a robust new product […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com