London-based financial services firm, Matrix, is set to close its Dublin-domiciled UCITS platform later this year.
Matrix UCITS Funds launched just two years ago in May 2010.
It is believed that this is the first dedicated UCITS platform to shut down. At its peak it consisted of four funds and assets under management of more than $230 million.
Being unable to compete with the larger bank-owned UCITS platforms has been blamed for the closure.
The internally managed Matrix New Europe UCITS Fund closed down earlier this year and Matrix Asia UCITS Fund is expected to close on 7