The move will enable the group to take advantage of economies of scale and will provide a more flexible remit, overlapping the strategic goals of both funds.
It remains subject to regulatory approval, and in a statement the group said all those with an interest in the affected funds have been notified.
Scott MacLennan heads up both funds, being at the helm of the UK Equity Fund since the start of December 2012, and the UK Special Situations Fund since mid-April.
The former has been a second quartile perfomer since he took over and the latter a top quartile perfomer, according to data provided by Lipper.
In a statement the group said: “The changes would partially align the new fund with Neptune’s current range of “opportunities” funds that target long-term capital growth by investing in any industry sectors of their respective markets. Both funds aim to produce returns in excess of the FTSE All Share Index by investing principally in UK equities, and this would continue to be the case for the Neptune UK Opportunities Fund.”
The group closed four small funds earlier in the year due to poor investor demand.
