UBP liquidates its Mena equity fund
Union Bancaire Privee’s (UBP) has started to liquidate its Mena (Middle East and North Africa) fund, a spokeperson at the Swiss bank has confirmed to Investment Europe.
The liquidation process of the 10-year-old equity fund started last week and investors are currently redeeming their shares.
According to the story initially published by Mena Fund Manager, it is understood that the liquidation of the fund has been decided for the small size of the fund, the only product managed by UBP Middle East’s business.
At the end of April 2012, the fund had a MTD return of +1.14% and had returned +1.65% over the previous 12 months. Over the last years, assets under management have decreased from $150m to approximately $8m.
The fund was created in 2002 under the brand Majid Al Futtaim Elite Mena equity fund.
The fund and its management team migrated UBP Middle East in September 2010. Contacted by phone, a spokeperson at the bank declined to comment further.