Australian fund manager First Sentier Investors plans to close four funds worth A$14bn, impacting 30 staff and 7% of its Australian workforce.

Australian fund manager First Sentier Investors plans to close four funds worth A$14bn ($9bn) in a retreat from low-margin business lines. The firm will shut its Australian fixed income, global credit, equity income and emerging companies funds, impacting around 30 staff and 7% of its Australian-based workforce. The decision follows the funds' inability to achieve growth that meets the company's expectations.