UBS Global Asset Management has shut down its under-performing UBS Global Diversified fund in a continuous effort to consolidate its UK fund range.

The£15.8 million fund, which was launched in November 2011, has been closed due to its small size and had become uneconomical for the firm to continue running.

Andreas Koester, who managed the Diversified fund will remain at the firm and continue running the UBS Global Allocation fund.

Following the closure, investors in the Global Diversified fund can switch into any alternative UK OEIC offered by the firm without any additional cost.

UBS Global Asset Management has been streamlining its fund range since last year in an effort to avoid running uneconomical offerings.

A spokesperson for UBS GAM said the closure was in the best interests of shareholders.

The firm has also closed its Frank Manduca’s UK Smaller Companies fund earlier this year due to performance and its small size.