A small caps boutique founded by former UBS investors has decided to close after two institutional investors pulled back their money.
Avoca Investment Management was set up by Jeremy Bendeich and John Campbell in 2011, with the backing of multi-millionaire Jeff Chapman's multi-boutique business Bennelong Funds Management.
In March last year, it shuttered its retail fund but remained open for institutional investors.
Avoca has now decided to close the business, after two key institutional investors indicated their plans to pull money.
"Exact timing is being finalised, ensuring the process is conducive to our investors' needs," Bennelong Funds Management chief financial officer Jeff Phillips said in a statement.
"Bennelong is working closely with the Avoca team members, supporting and assisting them through the change."
Campbell was a managing director and portfolio manager for Avoca. Prior to UBS, he worked for Credit Suisse First Boston.
Bendeich was the chief investment officer and portfolio manager of the boutique. He worked at Colonial First State before UBS.
The two also hired former UBS colleague Michael Vidler to join them as a senior investment analyst when they started the boutique. They later added Doug Macphillamy from UBS from CFS's core Australian equities business and Eleni Xydas from STS Capital Partners.
Bennelong has 11 boutiques under its banner and has expanded to the US and UK.
It recently partnered with Janus Henderson's emerging markets equities team which left the firm en masse last year, and the resurfaced with a boutique.