Macquarie brings down curtain on Morgan Stanley fund
Nearly two years after it opened to investors, the Morgan Stanley Global Franchise Strategy fund is closing its doors to new investors.
Macquarie Financial Services said it would be closing the fund on May 31, with it having reached capacity at $570 million.
The head of distribution for the Macquarie Professional Series, Peter Shepherd, said Australia was the only country in the world where new investors could still access the fund.
He said it was appropriate the last investment into the strategy would be in Australia in circumstances where Macquarie Professional Series had made it one of its inaugural funds.
Shepherd said the performance of the Morgan Stanley Global Franchise Fund since inception to March 31, this year, had been 16.5 per cent a year.
AUTHOR
Mike Taylor
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