Hyperion closes small-cap fund to new investors
Australian equities manager, Hyperion Asset Management says it will close its small-cap fund to new investment on 31 May to "safeguard future investment performance".
Hyperion managing director, Tim Samway, said the Hyperion Small Growth Companies Fund made the "difficult decision" as it did not want to top up portfolios with "low quality stocks" to grow assets under management.
He said closing assets under management below capacity would allow ample headroom for continued strong out-performance.
As of 1 June 2016, distributions will be paid in cash, reinvestments will not be possible, regular savings/investments into the fund will ceased, but redemptions would be processed, he said.
According to Money Management's Investment Centre, the Hyperion Small Growth Companies Fund produced 29.77 per cent in 2015, while this year its annualised performance was 11.02 per cent.
The Investment Centre also highlighted that the fund had about $479 million in assets under management (as at 30 April 2016).
Recommended for you
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
The alternative asset manager has expanded its Singapore office with a head of Asian distribution, representing a “critical step” for the Asian business, where it is seeking to launch new offerings.
Six Australasian sustainable funds closed in the last quarter, according to Morningstar, while 39 per cent of all strategies saw outflows during the period.
The bank and financial services firm has appointed its next CEO for Australia and New Zealand, while its previous chief for the region takes up a new position.
