Peter Fitzgerald

“When a fund closes to new business, this creates issues. If your asset base is static, it is not a  problem but if your asset base increases and you cannot continue to add to your position, it is. You could maintain the holding and add a second manager. This is far from ideal but manageable. It would not, however, work for a private client business, as you would end up with different holdings in different accounts. As a fund of fund manager, in the case of the Schroder Commodity Fund, we were concerned in any case about the asset class and the valuations, so the decision was easy.”