Legal & General is set to close its £222 million Global Macro Themes fund following the departure of its current manager Ben Gill.
Global Macro Themes fund, formerly known as David North’s Diversified Absolute Return trust, is scheduled to be closed on 25 April.
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Gill joined L&G in 2008 and has taken over the management of the fund in 2011 after its existing manager David North left the company in January 2013 following a period of sick leave.
According to a spokesperson of L&G, "A submission to seek to wind up the fund has been approved by the Financial Conduct Authority and all external investors have been written to outlining their options.
"This action only involves the Global Macro Themes fund and does not affect any other fund run by Legal & General."
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