Fund manager Australian Unity Investments (AUI) has decided to shut its $86 million AUI Vianova Core Plus Wholesale Fund following a substantial withdrawal request.
AUI retail general manager Cameron Dickman said a major retail advisory firm had requested that its clients' assets in the product be transferred to the AUI Vianova Strategic Fixed Interest Trust.
"As we stopped applications and redemptions the clients also requested a transfer to the domestic fund [AUI Vianova Strategic Fixed Interest Trust]," Dickman said.
The core plus fund invests in Australian and global bonds, with the Australian component being managed by Vianova Asset Management and international bonds through the Mellon Global Bond Fund managed by Newton.
The strategic trust purely buys Australian fixed interest.
Standard & Poor's Fund Services had rated the fund three stars, but withdrew its rating after AUI closed applications and withdrawals and signalled its intention to terminate the trust.
