As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 26 min ago
Nov 14 2008 | 11:52am ET
RAB Capital is making plans to trim its product line as its assets continue to decline. The firm said today it is closing three sub-scale regulated funds as part of a decision to drop the strategic objective of building a retail business.
The firm is also closing a number of smaller hedge funds which are unlikely to achieve critical mass in the current environment, and it is proposing to close of three out of its five funds of funds.
“These steps will result in a more focused product range in three areas of proven expertise and distribution capability: natural resources/energy, long/short equity and market neutral funds,” said the firm.
RAB said asset outflows and negative investment performance have contributed to a reduction in estimated assets under management to $2.8 billion from $4.2 billion between Sept. 25 and Nov. 1.
“This includes approximately $650 million on lock-ups longer than one year,” it said. “Whilst there is some evidence of the rate of redemption notifications slowing, the effect of the above closures, combined with redemptions already posted, is expected to result in assets under management at the end of 2008 of around $2 billion.”