Schroders is set to shut down its £16 million UK Core fund on 17 March as the fund is considered to be too small to be run economically.
The low cost active fund, which was launched in March 2011 and managed by Sue Noffke, Andy Simpson and Jessica Ground, has failed to gain traction and raise sufficient assets.
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The fund, with a TER capped at 0.44% was developed as a low cost, lower risk, transparent alternative to passive investment products.
A Schroders spokeswoman said: "I can confirm we will be closing the Schroder UK Core Fund. We continually review our UK fund range and as a result we believe that this fund is too small to be run economically."
However, Schroders will continue to run it’s another low-cost active product, the Schroder QEP Global Core fund, which has £783 million in assets.
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