BlackRock to hard-close European credit fund

BlackRock is planning to hard-close the £1.2bn BSF European Credit Strategies fund, managed by Michael Phelps to new money.

The group said it will close the fund at £1.4bn (€1.7bn) following strong inflows into the strategy. The fund has returned 16.6% over three years to 25 June, according to FE, beating the offshore Fixed Interest sector average of 14.8%. The group has also set a £140m (€175m) capacity limit on the European Constrained Credit Strategies fund, which Phelps co-manages with Alex Shingler; it currently holds around £110m. In a letter to shareholders, BlackRock wrote: "We have taken this decision to control the size of the funds to help ensure that the proceeds of subscriptions can be suit...