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Investment company Zurich has announced the closure of its Irish equities fund, citing the shrinking size of the Dublin stock market and the number of company delistings.
The fund, which invests in stocks listed on the Irish Stock Exchange, has seen its assets under management decline from €1 billion in 2020 to €500 million in 2023. This is due in part to a number of high-profile delistings from the exchange, including CRH and Flutter Entertainment.
In a statement, Zurich said it had decided to close the fund after a “careful review” of its options. The fund will be closed in early 2024, and investors can redeem their shares at net asset value.
The closure of the Zurich Irish equities fund is a blow to the Dublin stock market, which has been struggling to attract new listings in recent years. The exchange has lost 10 listed companies in the past five years, and its market capitalization has fallen from €100 billion to €75 billion.
The decline of the Dublin stock market reflects the broader challenges facing the Irish economy. The country has been hit hard by the COVID-19 pandemic and the war in Ukraine, and its inflation rate is currently at a 40-year high.
The closure of the Zurich Irish equities fund is also a reminder of the risks involved in investing in small stock markets. Small stock markets are often more volatile than larger markets and can be more susceptible to economic shocks.
The closure of the Zurich Irish equities fund is a blow to the Dublin stock market and a reminder of the risks involved in investing in small stock markets. The decline of the Dublin stock market reflects the broader challenges facing the Irish economy.
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