Barclays Capital has closed down its funds management business in Australia and returned the money invested in its funds to the unit-holders, making three staff, including former Sealcorp and challenger executive Caroline Saunders, redundant, according to Money Management.

Barclays subsidiary Celsius Investment Australia Limited (CIAL) said that the closure follows a global review of its investment management activities.

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CIAL added that the review included an assessment of the current scale and potential future growth prospects of the funds operated by CIAL in Australia.

The funds, a long short commodity fund, a partially protected international share fund and a global macro fund, were pitched at financial planners and high net worth investors.

Money invested in the funds were returned to investors after 5 June, which was the termination date for the funds.

CIAL said: "Following such an assessment, Barclays has concluded that it is not viable to maintain its investment management activities with respect to such funds and has therefore notified CIAL that it will be withdrawing the investment management services it provides to CIAL.

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"CIAL has determined that it is not possible to continue to offer the fund’s investment strategy in Australia without the ongoing support of Barclays," it added.

The move has also impacted staff in Singapore who supplied the investment and back-office administration work on the three funds.

The funds management business, which had focussed on retail investors and financial advisers, was set up in 2007 and had about US$70 million in funds under management.