Bedlam Asset Management has closed three of its funds as it moves to concentrate on the global equity strategies that account for the bulk of its client mandates.
The company has closed the £3.2m Bedlam UK, £2.4m Bedlam Europe and £2.1m Bedlam Japan funds. The combined value of the three sub-funds amounts to just 2 per cent of the firm’s total assets under management.
Bedlam says it will now concentrate on the £106.1m Bedlam Global, £12m Bedlam Global Income and £4.5m Bedlam Emerging Markets funds, as these account for more than 90 per cent of its client mandates and “almost all current investor interest”.
Investors in the three closed funds can switch into one or a combination of Bedlam’s three broader funds or redeem their shares in the usual manner. Both courses of action are free from any charges from the asset manager.
Bedlam managing director Jonathan Compton says: “I believe a focus on our three global products is in the interests of all investors. I regret that some will be inconvenienced by this decision yet I am sure it is as much to their benefit as those invested in our global funds.
“Bedlam has a genuine edge in unconstrained global stock picking. In single country funds however, such as Japan or the UK, we are one of many and offer no particular angle. Although the Europe fund had a wider remit, it proved very difficult to find investor demand.
“By homing in on what we do best and where I believe investors should also concentrate – long only global strategies – we have aligned better our skills and the interests of our clients.”