Following a strategic review of the business, Scotland-based traded investment and financial services company, Alliance Trust, plans to close its GBP60 million (US$91.37 million) European Equity and GBP77 million North American Equity funds at the end of June 2013.

In July 2012, Alliance Trust closed its UK equity income and Japan equity portfolios, and is looking to concentrate on its core areas of fixed income, global equities and sustainable and responsible investments.

Alliance Trust Investments managing director, Ed Troughton, said: “We can confirm that we are in the process of closing both the Alliance Trust European and the Alliance Trust North American Equity funds. We expect the funds to close on 30 June.

“Over the past year we have restructured our investment team to focus our business on areas of competitive strength, which includes fixed income, global equities and SRI. North American and European equities are not areas that we see as core within our offering and hence we have taken the decision to close these funds.”

The Alliance Trust North America and European Equity funds both launched in 2009, in February and December respectively.

The European Equity vehicle, co-managed by Fiona MacRae and Tommy Bryson, is up 27% since inception, against a sector mean of 23%.

Managed by Matthew Strachan, the North American fund has underperformed against its peer group, achieving a return of 73% versus a sector average of 83%, to the end of March.