The Matrix Group's UCITS platform along with the Matrix Asia sub-fund will be closed down as a result of a strategic review carried out by the UK-based financial services firm.

The group's UCITS platform, launched in 2010 with four sub-funds and $230 million in assets under management, will be wrapped up later this year.

"Despite strong asset-raising for the sub-funds on the Matrix UCITS platform since launch, it continues to prove difficult for independent platforms to achieve the economies of scale enjoyed by the larger, bank-owned and supported UCITS platforms," the firm said in a statement.

The Matrix Asia Fund is currently being wound down and shareholders will be redeemed in cash on 7 September.

"Within the UCITS space, Matrix will now focus on its core strengths of distribution and asset-raising among its network of professional, intermediary and institutional clients," the firm said. "Matrix is working to continue to maintain a relationship with, and distribute, some of the sub-funds on the UCITS platform."