BT Investment Management is closing its Total Return Fund after operating for over 10 years.
The Total Return fund was a multi-manager Fund of Fund which invested across a range of strategies including Equity long/short and Market Neutral, and various arbitrage strategies including Convertible Bond, Merger and Fixed Income.
FUM in the fund, which commenced on September 2000, stood at $225 million as at the end of February 2012. The Fund weathered the GFC well with a maximum drawdown of 10% against the ASX which fell over 50% during the same period.
The Fund was a strong and longstanding supporter of local hedge funds. No announcement has been made on the date of closure or future allocations.
