BlackRock reopens European absolute return fund

BlackRock’s European Absolute Return fund re-opened for further subscriptions on 29 July.

The Luxembourg-domiciled fund initially closed to new investors in November 2013, after reaching £1.59bn.

The fund, co-managed by Vincent Devlin and Stefan Gries, closed due to “strong levels of subscriptions over a sustained period of time”, the asset manager said at the time, and to help control the size of the funds.

“We will continue to monitor the size of the fund to ensure that it is not capacity constrained,” BlackRock said in a letter to shareholders.

“Where necessary, steps will be taken to manage the size of the Fund and as a consequence, it may be appropriate at a later date to close the Fund to further subscriptions,” the letter reads.

Last week, BlackRock announced the launch of a fixed income fund aiming to invest in global macroeconomic strategies exposed to regions where interest rates are attractive and markets with supportive monetary policy.

The new fund consists of a multi-currency global bond strategy seeking to deliver alpha through macro-driven fixed income opportunities worldwide, including rates and foreign exchange across emerging and developed markets.

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