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Schroders shuts absolute return currency funds

Schroders shuts absolute return currency funds

Schroders is to close its Currency Absolute Return fund following a drop in investor appetite for the fund, Citywire can reveal.

The Alternative Ucits fund, which was launched in two formats in January 2011, had been run by Clive Dennis (pictured) and Hardeep Dogra.

It was designed with the aim of beating cash returns by investing in money-market instruments in any currency as well as currency-related derivatives for both long and short exposures.

Since inception, the US dollar version of the fund has returned 1.5% compared with 0.7% from its benchmark cash rate. The euro version has gained 2.3% through the same time, while its benchmark has risen by 1.5%.

The strategy contained just over £7 million (€8.53 million).

‘Despite both funds having generated a positive absolute return since their launch, appetite from investors for these funds has been extremely limited,’ a spokesperson for Schroders told Citywire Global's sister site Wealth Manager.

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