The closure comes as a result of reduced demand, to the point where the fund value was not economically sustainable.
“Yields in recent years in the gilt market have fallen to record lows having a negative effect on the size of the AXA Sterling Gilt Fund,” a company spokesperson said.
“As a result keeping the fund open was not in the best interest of clients. Clients have been notified making clear the options available.”
The fund has been run by John Madziyire since 2004. In the past year, the fund has delivered a cumulative performance of 1.3% compared to the IMA UK Gilts index which delivered 2.7% in the same period, according to FE Analytics.
