New York-based Drexel Hamilton Investment Partners, the investment adviser for each of Drexel Hamilton 8IP Asia Pacific Equity Fund and the Drexel Hamilton FOUR European Equity Fund, this week decided to liquidate the two mutual funds, according to a Securities and Exchange Commission filing.
“Due to redemptions and each fund's inability to attract sufficient assets to maintain a competitive operating structure, DHIP informed the Board that each fund could not continue its business and operations in an economically efficient manner,” according to the filing.
The Asia Pacific Equity Fund and the FOUR European Equity Fund both launched in December 2011 and managed $10 million and $11 million respectively as of Aug. 29. They are respectively managed by Kerry Series and Dino Fuschillo.
Both funds will be liquidated on September 13.