Neptune Investment Management has confirmed it plans to merge its UK Equity fund into its UK Special Situations fund and rename it as Neptune UK Opportunities, subject to regulatory and shareholder approval.
The £20.3 million Neptune UK Equity fund, managed by Scott MacLennan will be merged with the £35.2 million Neptune UK Special Situations fund, formerly managed by Alex Breese.
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It is expected that the merger will go through on 1 November 2013.
MacLennan has managed the Neptune UK Equity fund since 1 December 2012.
Breese departed in April 2013, joining Schroders to replace the outgoing Richard Buxton and Errol Francis.
Neptune said: "The proposed merger would help Neptune to make use of the economies of scale that a combined entity would offer. In addition, the change of investment objective would provide a more flexible remit that would overlap the existing strategic goals of both funds and satisfy the investment parameters of current shareholders in either fund.
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By GlobalData"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 the UK Special Situations and UK Equity funds currently 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," Neptune added.
