Boutique Australian equities fund manager Hyperion Asset Management has soft closed its broad-cap strategy to new investors.
The closure comes after a number of recent mandate wins, including a $300 million mandate from multi-manager ING OptiMix to manage a part of its Australian equities portfolio and additional inflows from existing investors.
The overall increase in the portfolio's value with the rise in Australian equity prices had also lifted the broad-cap strategy's funds under management, bringing it close to capacity.
Hyperion managing director Manny Pohl told Investor Weekly in March that the closure of the strategy was imminent and the fund manager would not consider increasing the fund's capacity.
"With strong interest in Hyperion's funds management capabilities, one may be tempted to continue to take funds above our capacity limits. However, just as we are disciplined in our investments process by only holding stocks of the highest quality, we have the discipline to close our broad-cap strategy as it nears capacity constraints we set for ourselves and our clients," Pohl said.
The Brisbane-based fund will now focus on its Australian Equities ASX 300 strategy, which was launched in 2003 and has a remaining capacity of $2.3 billion.
Hyperion has more than $2 billion in funds under management and manages institutional mandates for industry funds, including Health Super and Auscoal.
