AMP Capital closes Total Return strategy to retail investors
Morningstar has withdrawn its recommendation for the AMP Capital Total Return strategy following AMP Capital Investor's decision to close the strategy to all retail investors.
According to Morningstar, the closure follows an assessment of the mandate to determine whether investor objectives are being met.
Institutional investors still have access to the strategy, but with a new minimum investment of $5 million.
Investments less than the new minimum need to be withdrawn by February 15, after which point they will be liquidated and returned to investors.
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Independent investment manager Copia Investment Partners has appointed Adam Tweedale to its distribution team, working with advisers across Victoria, Western Australia, and Tasmania.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
