Zurich private bank drops fund of funds
Zurich-headquartered Falcon Private Bank has liquidated the Falcon Best Select – Mixed (CHF) fund, a fund of funds run by Kuno Schmid, InvestmentEurope has learned.
The operation occurred last June. The fund, which addressed the Swiss clientele solely, has been dropped without notice by the firm.
Falcon Private Bank argued the liquidation of the fund was due to the low volume of assets under management in the fund of funds which had rendered no longer effective its administration.
The Falcon Best Select – Mixed fund was mainly invested in traditional funds and investments in alternative strategies were capped at 20%.
In a statement to InvestmentEurope, Falcon Private Bank said that it is constantly optimising and streamlining its fund portfolio.