Thames River plans to close down its Currency Alpha fund following the departure of manager Bill Muysken.
Muysken is leaving Thames River at the end of this week to join Mercer Investment Management in May. He will take on the role of global chief investment officer for alternative alpha strategies.
Thames River's Currency Alpha fund of funds sits within the group's multi-alternatives division.
The portfolio was launched at the end of October.
It aims to invest in between 15 and 25 managers and return 10% over cash rates per year after fees.
By the end of March it was invested in 20 managers and had made 2.5% over the quarter, but only managed 1.6% since launching.
Michael Warren, investment director at Thames River, says: "The portfolio has next to no external money in it. We expect it to close down."
The Dublin-domiciled Ucits fund had €19.7m (£16.7m) invested in it via sterling hedged, euro, and US dollar share classes.
Muysken was at Mercer Investment Consulting for 14 years before joining Thames River in February 2007.
At Mercer he was global head of manager research from 1997 to 2003, and then global head of research.
