Investment Week- Old Mutual is closing its Prosper 80 fund of hedge funds after assets under management have dwindled.
The group said it has also suspended trading on the product due to the separate problem of ‘administrative difficulties experienced in pricing’ it.
“Prosper 80 is being closed because the diminished size of assets under management mean it is no longer in the best interests of our customers or our firm to continue managing it”, the group said.
The group has also made a business decision to focus on its single manager funds.
