Blackrock shuts Asia Pacific Equity Income fund amid shrinking assets

AUM down to $114.8m

The board of Blackrock Global Funds has decided to terminate the Asia Pacific Equity Income fund due to shrinking assets under management.

The AUM of the fund, which launched in September 2009, peaked in November 2014 at $841m, but has declined steadily since. As of 6 December, it has $114.8m in assets. In a notice to shareholders, the firm said the board no longer believes the Luxembourg-domiciled fund aligns with Blackrock's wider investment platform and does not expect to raise subscriptions in the near future due to low investor interest in the strategy.  The fund, managed by Stephen Andrews, has lost 8.39% in the last five years, while the fund's benchmark MSCI AC AsiaPac ex Japan index has gained 4.25%, according t...