Sarasin to close Thematic Hedge due to poor outlook

Swiss private bank Sarasin & Cie has closed its Thematic Hedge fund because of the poor outlook for generating returns from the global long/short fund. Ivo Forde, head of communications at Bank Sarasin, said the fund's loss of 6.04% since inception on 31 August 2001 had been average compared to its peers, despite outperforming the MSCI World Index, which fell 28% over the same period. The fund has never risen above its price at inception and having reached $100m in size, Forde said. Sarasin has been gradually selling down assets prior to closure, reducing it to about $12m. The fund, ...