A French asset manager has shuttered a Luxembourg-domiciled investment fund that it initially suspended at the outset of the covid-19 crisis in Europe.
Market turbulence caused by the outbreak forced many asset managers to block new sales and investor withdrawals, but most funds were reinstated after a few days.
Exane froze its Exane Integrale Fund, a subfund of SICAV Exane Funds 1, citing liquidity issues on 17 March.
According to data published on Exane’s website, the subfund lost 27.7% of its value between 1 January and 13 March. Assets under management stood at roughly €122m when the subfund was gated.
It is unclear exactly when the money manager decided to liquidate the subfund, which was a multistrategy alternative fund, and when investors were informed. On 15 June, its website simply said it was “Suspended – Sub-fund under liquidation process” without publishing an investors notice.
The financial data site Euronext Funds360 said the fund was closed on 23 March, although in early May it was still listed as suspended. The French financial news service Agefi noted in early June that the subfund’s authorisation notice was no longer listed on the website of Luxembourg’s financial regulator, the CSSF.