The funds will remain open and are still available on platforms, but the wealth manager will not be actively pursuing new assets, and new flows will be discouraged with immediate effect.
The restriction has been put into place to preserve the performance and liquidity of the funds. A hard close will be considered if inflows remain strong.
The UK Opportunities Fund has been a top quartile performer over both one and three years, the graph below shows the one-year performance.
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The fund has around £1.6bn under management and its top three holdings are Glaxosmithline, Barclays and Melrose Industries.
The offshore-domiciled £334.9m UK Equity Fund has also delivered top quartile performance over one and three years, being the second best performing fund in its peer group over three years. Financials account for a quarter of its assets, and HSBC is its top holding.
Julie Dean has been named as Richard Buxton’s successor on the UK Growth and Investment Trust following the agreed buyout of Cazenove by Schroders announced earlier in the year.
