Macquarie Group, the Australian-listed banking group which has a specialism in infrastructure investing, has cut management ties with one of its biggest listed funds, Macquarie Airports, according to the Wall Street Journal.

The fund announced plans to internalise its management in an effort to close the gap between where its share price has been trading and where it believes its assets should be valued.

The gap between the net asset value of a fund and its share price has been a notable feature of listed funds in sectors such as property as the global recession has taken hold, sending property values down sharply. The NAV/share price gap is a regular feature of investment trust and other closed-ended vehicles, such as listed private equity trusts and listed hedge funds or funds of funds. Discounts are not always seen as problematic: sometimes they can represent a strong buying opportunity.

The WSJ said the latest development is the second time in as many months that a listed fund has decided it is better off without paying management fees to the investment bank that created it. In June, the bank allowed Macquarie Leisure Trust Group, another fund, to internalise its management. Also this year, Macquarie allowed Canada Pension Plan Investment Board to take over its listed broadcast towers business Macquarie Communications Infrastructure Group in a A$1.36 billion ($1.11 billion) deal.