BNPP AM hard-closes Japanese small cap fund
French investment firm BNP Paribas Asset Management has announced the hard closure, effective since 30 June, of its Japanese value small cap equity fund Parvest Equity Japan Small Cap, after it faced recent strong inflows.
The inflows having absorbed the remaining available capacity and as a result the board of directors has decided to limit the size by suspending new subscriptions, the company said.
BNPP AM stated the decision has been taken in order to protect the interests of current investors, as it is felt that allowing further inflows will impact on the ability of the fund to achieve its investment objectives and to maintain its management style and liquidity.
As of 30 June 2017, AuM of the fund were JPY201.36m (€1.56bn).