Man GLG has decided to close its American Growth fund after a failed attempt to merge it into Henry Dixon’s £105m UK Income vehicle.
The proposed merger, which was taken to unitholders despite the mismatch in geography and investment style, was rejected last month.
The firm was thought to be considering its next steps and has decided to close the vehicle on July 22.
The proposal to merge the £24m American Growth vehicle into Mr Dixon’s UK fund was first made in April. At the time fund had around £128m in assets under management, but Morningstar figures show it suffered net outflows of £103m during May, suggesting a single large redemption.
In its original proposal for the merger, Man GLG said the company had been “reviewing the position” of the American Growth fund and concluded its assets under management were “such that the fund is now uneconomical to run”.
Manager John Gisondi runs other mandates at the firm and will focus on his other responsibilities after the closure.
Man GLG declined to comment.
