Rathbones to close Global Alpha fund

First value assessment report published

Rathbones will close its Global Alpha fund this year after the firm's first assessment of value publication revealed that the vehicle has "consistently underperformed its benchmark".

The firm's assessment of value report for funds with accounting year end at 30 September or 31 October 2019, published last week, detailed how Rathbones had offered the fund's one significant unit holder the opportunity to "redesign" the fund but the investor had ultimately decided to withdraw its capital. Concerns over Financial Conduct Authority's new iNED rules All fund managers offering funds in the UK will be publishing value assessment publications this month following the action taken by the Financial Conduct Authority in the wake of its 2018 Asset Management Market Study. R...