Nomura Asset Management has decided to close its open-end retail mutual funds in the U.S., confirmed company spokesman Jonathan Hodgkinson.
A document filed with the Securities and Exchange Commission said the suite of five Nomura Partners Funds was closed to purchases and exchanges. Since Nomura plans to exit the U.S. retail mutual fund business, its board decided to close the funds while it considered the best course of action for each fund.
“We are currently engaged in discussions with the board of directors of NPF on the future of each of the funds, including, without limitation, potential mergers, transfers or liquidations of one or more of the funds,” said a statement issued by the company.
One source with knowledge of Nomura’s business who requested anonymity told Pensions & Investments that the funds were being closed primarily because of underperformance.
Mr. Hodgkinson said the company still has “a large global institutional business” and still offers U.S. institutional investors “a suite of closed-end funds.”
There is no timeframe for discussions between the firm and its board on what to do with the funds.