Financial services provider AMP has closed two share funds after the assets under management (AUM) became too small to justify the funds' running costs.
AMP will terminate the AMP Capital International Share Fund as of 30 November this year.
"AMP Capital have advised that there is no longer investor demand for this multi-style international share fund therefore it is in the best interests of investors to terminate the fund," the company stated.
The fund had $44 million in AUM as of 31 July 2011.
Investors can send sell request for the fund before 25 November 2011, or will be paid the proceeds from the sale of the fund's assets via the termination process.
The fund, which has been in existence for 13 years, used a combination of enhanced index and a multi-manager strategy.
Its managers included Schroders, T Rowe Price, Bernstein Value Equities, Henderson Partners, Taube Hodson Stonex Partners, Baillie Gifford, AQR Capital Management and Epoch Investment Partners.
AMP also terminated the AXA Wholesale Australian Equity Style Blend fund, which had total assets of $64.3 million as at 30 June 2011.
AMP said there had been a significant decline in the fund size, which meant it was no longer economically viable and, therefore, in the best interests of investors to terminate the fund.
The fund will be terminated on 24 November this year.
Investors can send their sell requests until Friday 18 November or receive payouts from the termination process.
