Close announce the closure of four global sub-funds

The Board of Close Investments Global Funds PLC has announced its decision to close four sub-funds of the Dublin domiciled Close Investments Global Funds PLC.

Close Investments Global Funds PLC (‘the Company') was established in 1998 and has 5 sub-funds.

Close Investments Continental European Equity Fund
Close Investments Enhanced Gilt Fund
Close Investments Far East Equity Fund
Close Investments Global Growth Fund
Close Investments Japanese Equity Fund (unaffected)

The portfolio management of the sub-funds is undertaken by specialist external managers which were appointed by the Board of Close Investments Global Funds PLC (‘the Board').

In a letter to shareholders the Board stated that the "decision was made in the interest of all shareholders" and as a result of the closure of the Company four of the five sub-funds would be closed. The external manager of the Close Investments Japanese Equity Fund, Lindsell Train Limited, has stated that it wishes to continue running the sub-fund and, subject to shareholder and, accordingly, regulatory approval, responsibility for the sub-fund would be transferred to Lindsell Train in July 2009.

Rex Cowley, head of marketing at Close Asset Management commented: "Close Investments Global Funds PLC was established to offer a range of concentrated investment funds for investors looking to invest with specialist managers. The credit crunch and market volatility has had a particularly detrimental effect on this fund range, both reducing investors' appetite for risk and market returns. The result of this has been a reduction in assets under management and an increase in annual costs relative to NAV. In markets which continue to be volatile, with investors who continue to be cautious, the Board felt the closure to be in the best interest of shareholders."

The closure of the Company will affect a small number of investors, and assets under management across the range total £30m.

On the 29th May 2009 the Board informed shareholders that it would accept no new investments in the closing sub-funds. However the sub-funds remain open for dealing to enable any investors who wish to redeem their investments.