MLC terminated another hedged global shares fund for wholesale investors, from its private investment consulting lineup.
The PIC Wholesale Hedged Global Share Fund was terminated at the same time as the $50 million MLC Wholesale Hedged Global Share fund last month and for similar reasons.
"After careful consideration, MLCI has determined that it is in the best interests of investors to terminate the fund," it said in an August 8 letter.
"The relatively small size of the fund will result in escalating costs associated with managing and administering the fund. As a result, MLCI has chosen to terminate the fund, rather than significantly increase the management fees paid by investors in the fund," it said.
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NAB Asset Management's Private Investment Consulting (PIC) business has operated since 2007.
It is aimed at advisers with clients who are wholesale, sophisticated high net worth and institutional investors.
The PIC lineup includes trusts by asset class (Australia shares, diversified debt, global property, global shares property securities and others) and index plus, inflation plus and diversified portfolios.