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Investec closes three "uneconomical" funds
Investec Asset Management has said it will shut its Global Extension, Pan-European Equity and Japan funds in the New Year, citing their uneconomical sizes.
The Japan fund was the largest of the vehicles, with assets of just £6.5m. The Global Extension portfolio held £5.1m, according to Morningstar, while the Pan-European Equity fund held £1.7m.
Investors have been offered a redemption at or before the termination of the fund, or a switch into another Investec Oeic sub-fund.
The managers of the funds will remain at Investec following the closures.
According to Morningstar, the funds had all underperformed their one and three years averages where applicable, situating them in the bottom quartile of each of their respective sectors.
