Quant Funds will close and liquidate the Quant International Equity Fund, the company announced this week.
The product, opened in May 1998 as an international value fund, had assets of $10 million. "Reduction in assets" led to the closing, the company said in a statement.
"Closing and liquidating the [fund] should come as no surprise to anyone," said Fred Marius, president of Quantitative Advisers, Quant Funds investment adviser. International Equity fund shareholders will have the option of exchanging into another Quant Fund or redeeming their shares.
The International Equity Funds subadviser since October 2000 was SSgA Funds Management. Quant Funds manages five equity funds with assets of $180 million.