LONDON (Reuters) - Commodity fund manager Edesia Asset Management, a unit of commodity trading house Louis Dreyfus Holding, said on Tuesday it would wind down all fund management activities by Dec. 31 as it focuses on core physical operations.
“In challenging market conditions, our flagship products have generated cumulative net returns of 42 percent and 70 percent respectively since inception,” said Ian McIntosh, CEO of Edesia Asset Management B.V.
”We anticipate the net asset values at closure of the funds to be at or close to the highest point in their history.”
Edesia Asset Management, formerly known as Louis Dreyfus Investment Group (Commodities) B.V., was established in 2008 and manages more than $1.4 billion in assets.
(The story was refiled to fix typos in the headline and paragraph 1)
Reporting by Simon Jessop and Maiya Keidan; editing by Carolyn Cohn