Glendevon King bond fund to close

Fixed income boutique Glendevon King Asset Management is understood to be in the process of closing its only onshore retail investment fund, the MFM Glendevon King Global Bond fund.

Marlborough Fund Managers, the authorised corporate director for the fund, has confirmed that the fund is in the process of being wound up.

The asset manager had warned in its fund prospectus for the year ended 30 April 2012, that “success or failure of the fund will depend on attracting new investors” adding that this may prove challenging if the investment climate remained hostile for fixed income funds.

The fund was launched in 2010, under portfolio managers Nicola Marinelli and Peter Baum, investing in corporate and government bonds.

It was the firm’s “first foray into the retail environment”, having traditionally focused on bond portfolios for high net worth individuals.

The company had not responded to enquiries at the time of writing.