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BNY Mellon to close European equity fund

BNY Mellon to close European equity fund

BNY Mellon Investment Management will close a European equity strategy that has been running since 2001 due to a fall in assets, Citywire has learned.

The BNY Mellon Pan European Equity fund's fall in assets is due to a majority shareholder redeeming their entire holding, a spokesperson for the company confirmed. As of December 31 2016, the fund had $2.04 million in assets under management.

The fund has been managed by Paul Markham since April 2015. According to a letter to shareholders seen by Citywire, the fund will be closed on 9 March 2017.

Commenting on the closure BNY Mellon said: ‘The fund’s largest investor has re-allocated its assets into another sub-fund of BNY Mellon Global Funds. Following the reallocation of assets, the size of the fund now prevents it from achieving the economies of scale in ongoing operating costs. As a result, the decision has been taken to close this fund.

‘Paul Markham continues to manage a number of BNY Mellon and Newton funds within the global equities team at Newton Investment Management.’

Over three years to the end of January 2017 the BNY Mellon Pan European equity fund returned 9.60% in euro terms. This compares with a rise of 21.78% by its Citywire-assigned benchmark, the FTSEurofirst 300 TR, over the same time frame.

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