PSigma is to close Tom Becket’s £18 million Dynamic Multi-Asset fund, taking the firm’s range down to three funds.
The fund will be closed on 30 September 2013, and investors will receive their cash back if they do not redeem before this date.
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The move follows the closure of PSigma’s UK Growth fund, run by Neil Cumming, which was closed on 30 August after falling to less than £1 million in size.
PSigma co-founder, Ian Chimes, said the decision to close the funds was made following a product review and due to due to the products being sub-scale.
Chimes said: "From a commercial perspective we haven’t been able to get the funds to critical mass. As with all businesses we have to look at the products we’ve got from a cost perspective – most people are looking at their fund ranges post-RDR."
PSigma will continue to run its flagship £393 million Income fund, managed by Cumming and company co-founder Bill Mott.
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