Quantitative global equities boutique Tempo Asset Management will return money to investors after it failed to “reach sufficient scale”.
Fidante boutique Tempo Asset Management, which was founded in late 2013 by BT Investment Management colleagues Joe Bracken and Robert Chapman, will close after being in operation for five years.
Investors were informed on 23 April that their funds would be returned to them.
A spokesperson for Fidante told InvestorDaily that "the Tempo board has concluded it was in the best interests of the company, shareholders and clients to close the business at this time".
"The Tempo principals have substantial experience running quantitative investment strategies. They stay true to their investment philosophy and intend to continue with their investment process and approach," said the spokesperson.
Tempo was founded in late 2013 and employed an equal-weight country quantitative process to invest in global equities.
Challenger-owned Fidante holds a minority stake in Tempo.
InvestorDaily understands the principals of Tempo intend to continue running the strategy after the current funds are wound up.