The funds are being closed due to the largest investor in each fund is set to withdraw their capital.
“We believe the decision is in the best interests of investors. The largest investor in each fund is withdrawing, which will make the funds too small to be run effectively without increasing costs for the remaining investors and therefore impacting on their returns,” a spokesperson at the firm said.
Clients are able to take up the option to switch into another fund free of charge or redeem their investment.
The Diversified Strategy Fund, run by Bruno Serdoura and Peter Fitzgerald currently holds £333.6m. Over a three year period, the fund showed a performance of 2%, compared to the IMA Mixed Investment 20-60% shares index which performed by 17% in the same period, according to data by FE Analytics.
Meanwhile the UK Absolute Return Fund has been run by Trevor Green since 1 May 2012, and is the smaller of the two fund holding £82.2m. The fund saw a performance of -1.3% over three years, compared to 6.4% performed by the IMA Specialist Index.
