is taking advantage of new laws in Singapore that allow investors to put cash directly into foreign funds to cut its costs. Before the change Singaporean investors were allowed to purchase shares in foreign funds through locally registered "feeder funds."
Because that mandate has been dropped, Invesco will be able to sell shares of its Luxemburg-based fund offerings and shutter its Singaporean fund operations. News of the fund firm's decision to close the 10 Singapore-based funds leaked after Invesco sent a letter to its shareholders informing them of its plans.
The investors will be offered the opportunity to convert their existing holdings in Singapore into shares of like-funds offered by Invesco out of Luxemburg. The funds will be closed in September, but shareholders will be able to initiate conversions as soon as next week.
The Singapore fund family had attracted only $48 million in assets since its opening in 2000.
Mah Yeok Fun, managing director of Invesco Asset Management Singapore, penned the letter. He explained that the moves will enable Invesco to offer the funds more cheaply.
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