Ignis Asset Management is closing and merging its range of Dublin-domiciled offshore funds to concentrate on its Luxembourg range.
The asset manager has £300m in its Dublin range of funds, compared to £2.6bn in the Luxembourg range, and it is looking to concentrate all of its offshore funds in one domicile to save costs.
The overhaul will result in two funds shutting, five funds being merged and one fund being relaunched with a different strategy.
The Ignis International Emerging Markets Select Value fund is going to be relaunched in Luxembourg as an actively managed, global emerging markets fund, as opposed to the quantitative driven process used previously.
Mark Julio, who joined Ignis from Barings in 2012, will replace James Smith as manager on the fund. Mr Smith will remain at the group to run an international equity product.
The Ignis International Global Government Bond fund will be closed, allowing managers Stuart Thomson and Russ Oxley to concentrate on the £2.6bn Ignis Absolute Return Government Bond fund.
The Ignis International Global Technology fund, run by Geoff Paton, will also be closed, although Mr Paton will remain as part of the firm’s US equities team.
The funds that will be merged into their Luxembourg-domiciled equivalents are Ignis International China, Ignis International Global Equity, Ignis International North America, Ignis International Pan European and Ignis International Asia Pacific.
The overhaul of the range is confined to the offshore funds and there will be no changes to the UK retail funds.