(Bloomberg) — Australian fund manager First Sentier Investors plans to close four funds totaling A$14 billion ($9 billion) in a retreat from low-margin business lines, it announced Tuesday.
Most Read from Bloomberg
The firm will close its Australian fixed income, global credit, equity income and emerging companies funds, according to a statement. The strategies account for about 5.8% of global assets under management, according to a spokesperson for First Sentier, who also confirmed the total size.
An earlier report in the Australian Financial Review said the funds included A$8 billion in debt funds and another A$6 billion across equities.
Around 30 staff will depart following the closures, including Stephen Cooper who heads the firm’s Australian and New Zealand fixed income assets, the spokesperson said.
“While these teams have delivered strong client outcomes over a long period of time, they have been unable to achieve growth that meets our ambitions,” the firm’s global head of investment management David Allen said in the statement.
“Our growth strategy requires us to have a clear focus on capabilities that are most relevant to our clients and where possible, simplify our business,” Allen said.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
