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EFG AM shuts two funds as it streamlines product range

EFG AM shuts two funds as it streamlines product range

EFG Asset Management has liquidated its emerging markets bond and an Alternative Ucits fund.

The New Capital Fund Lux – Emerging Markets Bonds fund and the New Capital Fund Lux – Alternative Ucits fund were closed as a result of harmonization of the firm’s product range, Citywire Americas  sister site Citywire Switzerland can reveal.

This follows the purchase and integration of a Lugano-based bank BSI, which had its funds rebranded as New Capital funds.

After the full completion of the merger EFG Asset Management is consolidating a number funds in its product range.

Speaking to Citywire Switzerland, the CIO of EFG AM, Moz Afzal, said the liquidated New Capital Fund Lux – Emerging Markets Bonds fund had several overalps with the New Capital Wealthy Nations Bond Fund managed by Michael Leithead, which has a strong emerging markets bias.

The manager of the liquidated EM fund, Roberto Matta, will continue to work at EFG Asset Management, however will shift his focus towards the European fixed income.

In the alternative space, the firm has a flagship fund, New Capital All Weather Ucits fund managed by Jérôme Berset.  

The liquidated strategy New Capital Fund Lux – Alternative Ucits was deemed too similar to the flagship fund and this led to the decision to close it.

The fund was managed in cooperation with a Lugano-based hedge fund boutique Thalìa. The portfolio manager Donato Maria Bruni stays with the firm and will be managing a newly-launched Thalìa Select Ucits fund. 

Afzal added that other New Capital Luxembourg and Switzerland-domiciled funds will undergo a similar consolidation process overtime. 

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