NN Investment Partners has closed its Asian local currency bond fund after its assets fell beyond a workable level, Citywire Selector has learned.
According to the Lipper data, which is to the end of March 2016, the fund had $20.6 million in assets under management. This compares to a peak of $83.6 million in July 2013.
It is understood the closure was undertaken as the value of its assets had decreased to a level which was too low for the fund to be operated in an economically efficient manner.
The NN (L) Asian Debt Local Bond fund's top positions had included Singapore, Korea and Thailand. Sengelmann, who this week named Indonesia as the brightest spot in emerging Asia, remains as a portfolio manager covering Asian and EM debt.
Over the three years to the end of March 2016, the NN (L) Asian Debt Local Bond fund lost 5.6% in US dollar terms. This compares to a 6.7% drop by its technical indicator, the BofA Merrill Lynch Asia Local Debt Markets Plus TR, over the same timeframe.