Aviva Investors is to close its £375.6 million UK special situations mandate following co-manager Richard Buxton’s departure from Schroders.
The Aviva Investors UK Special Situations fund, which was launched in May 2006, was managed by Buxton and his colleague Andy Brough.
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Aviva said the fund’s biggest investor had withdrawn its investment following Buxton’s move to Old Mutual Global Investors.
Aviva Investors said it is providing existing investors the option to switch into another of the group’s funds free of charge, or else cash in their investment.
Buxton was replaced on the portfolio by Sue Noffke in June 2013. Noffke was also made interim manager of Buxton’s Schroder UK Alpha Plus fund after his departure.
Aviva Investors said: "This fund is managed by Schroder Investment Management, and as a result of recent organisational changes at the firm, the fund’s largest investor has decided to withdraw their investment.
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By GlobalData"Our priority is to protect the interests of our current investors and we believe it will not be in their best interests to remain in the fund as it will be too small to be run effectively," the firm added.
