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£570m bond fund hard closes over liquidity fears

The CG Real Return fund, which has £573 million of assets under management, will hard close next week.

£570m bond fund hard closes over liquidity fears

The CG Real Return fund, which has £573 million of assets under management, will hard close next week.

‘The decision to close the fund to further subscription is based on the directors’ view of constrained liquidity in some markets,’ the fund stated.

Managed by former Cazenove partner Peter Spiller (pictured) and Alastair Laing of CG Asset Management, the fund invests in non-gilt index-linked government bonds.

Over the past five years it has returned an annualised 5.1%, compared with 4.1% from the Barclays Capital World excluding UK Inflation Linked Bonds index.

The withdrawal of investment banks from bond trading has prompted many recent warnings about liquidity in fixed income markets, including from the Financial Conduct Authority and Citywire A-rated bond star Paul Read.

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