Blacksquare to close fund of absolute return funds
Blacksquare is to close its IFSL Blacksquare Diversified Absolute Return fund after failing to find suitable managers to meet its volatility targets.
In its latest factsheet, the alternative asset manager wrote that performance has been “solid”, returning 3.75% year-to-date.
The news comes after the company received approval from the Financial Services Authority to restructure as a public limited company.
The restructure has seen the firm rebrand its existing funds. The IFSL Blacksquare Multi-Manager Absolute Return fund has been rebranded as the Acumen Defensive Portfolio, while the IFSL Blacksquare Capital fund is to become the Acumen Oeic.
The company is also set to launch three model portfolio to be named the Acumen Conservative Portfolio, Acumen Progressive Portfolio and the Acumen Ambitious Portfolio.
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