U.K.-based hedge fund firm Cantab Capital Partners is shutting down one of its mutual fund-like funds.
Bloomberg reported that investors in the firm’s UCITS fund will be given the option of redeeming their money or reallocate to one of Cantab’s hedge funds.
Cantab founders Ewan Kirk and Erich Schlaikjer told Bloomberg that “it is no longer possible to invest in commodities within a UCITS wrapper.”
UCITS, short for Undertakings for Collective Investment in Transferable Securities, allows collective investment schemes to operate freely throughout the EU. Operating similar to mutual funds, UCITS also allows hedge funds to raise capital from individual investors.
Founded in 2006, Cantab manages about $5.5 billion in assets.