BlackRock closes emerging markets fund

BlackRock has closed the BSF Emerging Markets Extension fund just nine months after its launch.

In a letter to shareholders, chairman Nicholas Hall said a lack of interest in the fund had prompted the decision to wind it up.

“The net asset value of the fund has been less than $50m since launch and the directors do not expect the fund to attract further investor subscriptions in the near future,” Hall said.

The $10.1m Sicav, which launched in February and had been managed by Jeff Shan and Jan Bratteberg, was liquidated on 16 November and the proceeds distributed.

A spokesperson for BlackRock said there are no plans to close the $10.4m BlackRock Asia Extension fund, which is also run by Jeff Shan and Jan Bratteberg, or the $7.9m BlackRock Americas Diversified Equity Absolute Return fund, both of which launched during the same month.