Legg Mason is closing the Legg Mason Martin Currie Global Resources fund due to dwindling assets under management.
The fund is closed to new investors and will hard close on 31 July 2017. All shares remaining will be redeemed at the net asset value per share. Any expenses and costs incurred will be paid for or reimbursed by Legg Mason.
The fund is the product of the merger between the Legg Mason Martin Currie GF Global Resources fund and the Legg Mason Martin Currie Global Resources Distribution fund in March 2016 following Legg Mason’s acquisition of Martin Currie.
In a letter to shareholders, Legg Mason said: “The fund is small in terms of its NAV and it is not foreseen that the fund will grow significantly in the medium to long term due to the lack of demand for its strategy.
“Its continuing operation is no longer considered economically viable. As a result, the directors have determined that it is in the ultimate best interest of shareholders of the fund to terminate the fund.”
Currently managed by Ruairidh Stewart, the original fund launched in 2005.
The Dublin-domiciled fund had assets under management of $11.4m at the end of May and currently has $7.6m in AUM.