The $450 million AMP China fund had traded at a persistent and sizeable discount to its worth, which prompted the Hong Kong-based LIM Advisors to pressure for change, or for the fund to be wound up.

After considerable discussion, AMP Capital put forward proposals to try to narrow the discount, with LIM Advisors putting forward a proposal for the fund to be wound up, which was supported by the fund's investors.

AMP Capital chief executive Adam Tindall said there were lessons from the episode.

"Stay very close to your investors," he said following the decision to wind the fund up.

Mr Tindall argued that there were "investors with different purposes" on the fund's register, which had forced it to try to reconcile competing interests.

"We regret the decision to wind up," he said.

In its 10-year life, AMP Capital failed consistently to earn any outperformance fee for the fund beating its relevant comparator indices, receiving a steady 1.65 per cent of the fund's size to cover its costs. AMP said the fees were "comparable to its peers", although it had suggested cutting the fee to 1.3 per cent if the fund were to remain in existence.

Stating he came to the meeting with an open mind, one unitholder questioned whether the fund had been managed for the benefit of AMP or unit-holders, stating that as the meeting progressed, he had decided to support the wind-up proposal.

"My view is this fund should not continue in its present form. Another fund could be established with the AMP, but I believe we are in the position we are in due to the behaviour of the AMP," he said.

"AMP has done reasonably well out of the fund; far better than it should."

Mr Tindall said there was an inherent conflict between the aims and intentions of wholesale investors and retail investors who were on the fund's register, with that difference reflected in the number of unitholders who supported the fund remaining in existence.

In the end, 54.4 per cent of unitholders supported winding the fund up with just 11.2 per cent opposing the wind-up resolution. AMP Life, with a 36 per cent block of the units, was unable to vote on the proposals.

Nick Paris, of LIM Advisors, said it had put forward a number of proposals, including that the fund be made an open-ended fund, which he believed could have helped to narrow the persistent discount the fund has traded at.

"The wind up and substantial costs incurred by unitholders could easily have been avoided if ... AMP Capital had listened to the concerns of unitholders from the outset," said Mr Paris.

"We are ready and willing to work with AMP Capital on the orderly wind up of [the fund] and to help ensure the repatriation of proceeds from China as quickly as possible for all unitholders."

AMP Capital representatives said that switching from a closed-end fund to an open-ended fund could have disadvantaged some investors, which is why the proposal was not adopted.

When asked about prospects of returning with another fund, given the underlying level of investor interest, Mr Tindall said the focus for now would be solely on winding up the fund.

"We will consult with investors on the way through," he said.