International Asset Management, backed by successful entrepreneur Albert Fuss, has restructured its fund-of-hedge-funds vehicle to close the discount to assets at which its shares have tended to trade.

The £80m (€116m) vehicle, called AIS and listed in the UK, takes the form of a closed-end investment trust managed by IAM. Its shares have frequently traded at a 20% discount to assets due to a lack of demand from buyers.