RAB Capital to close one fund, open three

RAB Capital has shut down its global macro fund and is launching an emerging market debt fund, a European loan fund and a commodities trading fund. The macro fund was shut because of poor performance and redemptions in early March. Mark Papiolek, a spokesman for RAB, said: "In terms of performance, the fund has been down in 14 of the 15 months to December 2004, and the two managers, Suresh Wadhwani and Peter Chen, have left." The fund also suffered major redemptions. According to Papiolek, in December 2003 it had £122m in assets under management and at the end of 2004 was down to £70m, a...