Hedge Funds

Exane to ‘close’ Ceres sector fund to new investors

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Exane Asset Management, the Paris-based long/short equity shop that has fared well during the financial crisis, is closing its Exane Ceres Fund to new subscriptions from 16 June. The fund’s only source of inflows going forward will be those coming from the firm’s self-invested fund of internal funds, Exane Pléiade 5.

The Luxembourg-domiciled Ceres fund launched in February 2007 and is UCITS authorised – having recently been switched, like all the funds in the Exane stable, from an offshore hedge fund structure to an onshore UCITS format.

Ceres is a sector fund focused on the European markets and specialising