The investment arm of Close Private Bank, Close Investment Services, has merged its Jersey-based Foundation Fund range with its Cayman Islan...

The investment arm of Close Private Bank, Close Investment Services, has merged its Jersey-based Foundation Fund range with its Cayman Islands-based Global Fund range. The merger will result in a single Jersey-domiciled range called Close Global Funds and revised risk profiles. “The merger will provide clients with greater diversification and choice of investment funds. It will result in the reduction in costs, fees and expenses of maintaining and managing the funds as well as offer free switching,” said Simon Dowling, Close’s fund management director. The Close Global Funds range employs an absolute return strategy which uses a multi-asset and multi-manager investment approach. It invests in a range of different asset classes including multi-currency money market funds, sterling income funds and euro income funds. There are 17 sub-funds which will be enhanced by two new strategy sub-funds that will be available in three different currencies early next year. Although it is listed on the Channel Islands stock exchange it falls outside the scope of the European Union’s Savings Tax Directive.