Majedie closes Tortoise fund to existing investors

Majedie Asset Management has shut its Tortoise equity long/short fund to existing investors after the vehicle reached its capacity limit, Investment Week can reveal.

The group previously closed the fund to new investors in February 2012 to protect existing clients, after assets grew to £250m in the two years since inception.  At the time, the group said existing investors would be able to add to their mandates, while any outflows would be recycled to new investors "as appropriate". However, the fund's assets have now swelled to £900m due to continued strong performance, and existing investors will no longer be able to access the vehicle. Rob Harris, chief executive, said: "After strong recent flows, and with a few agreed placements in the pipel...