Touchstone Investments is swapping one international growth fund for another. The Boston Business Journal reports that the Cincinnati company closed its Touchstone International Equity Fund June 30. The decision to close the fund was made following a large drop in AUM, from $103 million at the March to $31 million by the end of May. The drop was caused by the decision of a large institutional shareholder to redeem shares and pull out of the fund, a company spokesman told the pub.

The setback did not put Touchstone out of the international growth arena for long. On July 2, the company filed a statement of registration in which it said it was buying the assets of the Navellier International Growth Portfolio. The deal will close pending shareholder approval of the transaction in a vote on September 26. The fund currently has $6 million in assets. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE