InvestmentsJul 31 2014

Axa closes gilt fund due to low yields

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Axa Investment Managers has closed its Sterling Gilt fund due to record low yields from the gilt market.

Reduced demand for the fund meant that “it was not economically sustainable”, according to an Axa IM spokesperson.

John Madziyire’s £7.6m fund will close on September 8, 2014 but investors have until August 29 to switch their holdings to another fund.

Axa IM said Mr Madziyire would continue to run the £232m Sterling Long Gilt fund.