Fidante Partners shuts down its boutique equities fund in Australia.

Fidante Partners, the fund management arm of Australian financial services firm Challenger Limited, is shutting down its international equities boutique firm at the end of July 2014.

Five Oceans Asset Management will close in July due to "lack of scale," WealthBriefing Asia can confirm. The company has been in the business for over eight years. As a result, the Five Oceans World Fund funds under management will be managed by another Fidante boutique, the London-based River and Mercantile Asset Management. 

Changes in management may happen, especially that Five Oceans is an absolute return manager, while River and Mercantile is a long-only manager, but this has yet to be confirmed by the firm. 

Fidante told its clients of the planned closure in a letter.