NN IP to scrap bond FoF in Belgium
Dutch asset manager NN Investment Partners (NN IP) is set to remove the NN (B) Bond Euro fund in November, the firm announced in a letter to shareholders.
The NN (B) Bond Euro, launched in January 2006 and managed by Rob Heins, is a fund of funds investing primarily in bond and money market sub-funds denominated in euro and other currencies hedged against euro.
NN IP Belgium will hold an extraordinary general meeting to vote the dissolution of the fund on 16 November 2016.
The manager explained that the NN (B) Bond Euro does not hold enough assets to guarantee an efficient and profitable management of the strategy.
The firm added it is hard to find investment opportunities for small volume of assets at prices in line with the markets and that could ensure diversification of the assets.
As of 30 September 2016, the fund had €33.06m of assets under management.