Close Brothers Asset Management will shut down its Beacon Investment and Special Situations funds in August this year on size concern, according to the FT Adviser.
The publication quoted a spokesperson for Close Brothers saying that the funds were being closed down because they had become too small to manage effectively, and said that there were no other fund closures planned.
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According to FT Adviser report, the funds, which are run by Deryck Noble-Nesbitt, are near the bottom of the IMA UK Smaller Companies sector in terms of performance in one and three years.
The two funds are the only funds that Noble-Nesbitt manages, but Close Brothers told FT Adviser that there would be no change in his position at the firm, where he is managing director of investments and smaller companies.
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