Miton is set to close David Jane’s £5.2m Global Diversified Income fund due to a lack of demand for the product.
The fund was closed to new purchases on September 1 and will be closed to anyone trying to sell on September 10, before being completely wound up on September 17.
Ian Chimes, head of sales and marketing at Miton, said since the fund was launched in 2012 it had failed to gain the necessary traction from investors so a commercial decision was made to close the fund.
He said it was part of a natural “tidying up exercise” when bringing in a new multi-asset team.
The fund was one of four taken over by Mr Jane when he joined Miton to replace Martin Gray in June this year.
Mr Chimes said there would be no further fund closures or changes to the other three funds formerly run by Mr Gray.
Mr Jane will continue to manage the £665.8m Miton Special Situations Portfolio, the £13.1m Miton Total Return fund and the £162.1m Miton Strategic Portfolio, as well as the £45.5m Darwin Multi Asset fund he brought to Miton when he joined.
Miton has suffered outflows from Mr Gray’s former funds since his departure in early June.
Data from FE Analytics shows that although performance on the Special Situations and Strategic Portfolio funds was flat through June and July, the assets in the funds fell by £108m and £30m respectively.
