Cazenove closes Absolute UK Dynamic

Cazenove is capping Neil Pegrum and Paul Marriage’s Absolute UK Dynamic Fund, which now has assets under management of £123m a week after launch.

Subscriptions are restricted to a maximum of £130m, and the group has now written to shareholders explaining that it will soft-close the fund with immediate effect.

Robin Minter-Kemp, the managing director of investment funds, says the decision is in the best interests of shareholders and will allow the fund managers to invest without compromising the fund’s investment objective.

He says Cazenove does not expect the fund to be reopened to further investment in the future.

The closure will not affect any redemption facilities on the fund.

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