Altamira Investment Services Inc. announced Thursday that effective immediately the four of its have ceased distribution of their units and will be terminated on September 30.

The funds are: Altamira Global Telecommunications Fund; Altamira RSP Japanese Opportunity Fund; Altamira RSP Global Diversified Fund; and Altamira RSP Biotechnology Fund.

In a statement, Altamira said the decision to terminate the funds resulted from weaker than anticipated growth in their assets due to unfavourable market conditions, which has adversely affected their returns.

Investors will be able to redeem or switch their holdings in the respective funds until September 30. Any remaining assets on this date will be sold and the proceeds distributed proportionately to unitholders.

Unitholders will not be required to pay any redemption fees as a consequence of the termination of the funds and all costs associated with the termination will be borne by Altamira.