A $12B-AUM Firm Is Shutting Down
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Thursday, March 11, 2021

A $12B-AUM Firm Is Shutting Down

The team at a $12-billion-AUM, 14-year-old mutual fund firm is preparing to close their doors.

International Value Advisers, LLC (IVA [profile]) will soon be closing all its "investment products with the intention of deregistering as an investment adviser and terminating its existence," according to a regulatory filing submitted yesterday. The The New York City-based shop's two mutual funds, the IVA International Fund and the IVA Worldwide Fund, are now closed to all new investments and will be liquidated around April 19.

A company spokesperson declined to comment beyond the filing, which offers no explanation as to why IVA is shutting down.

As of IVA's most recent form ADV, filed on January 12, the firm had more than $12 billion in AUM, including $8 billion in its two mutual funds, and a team of 40 people (not including clerical staff). Listed owners included: Charles de Vaulx, chief investment officer, PM, and managing member, with a stake of between 25 and 49 percent; former member Charles de Lardemelle, with 10 to 24 percent; former member Michael Malafronte, with 10 to 24 percent; Thibaut Pizenberg, analyst and managing member, with 10 to 24 percent; Stefanie Hempstead, chief financial officer, with less than 5 percent; and Shanda Scibilia, chief compliance officer, with less than five percent.

Four First Eagle alumni, including de Lardemelle, founded IVA in 2007. In 2008, de Vaulx, another First Eagle alumnus, joined IVA, and the firm also launched its two mutual funds.

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