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The Continental European Equity, Enhanced Gilt, Far East Equity and Global Growth sub-funds have all closed to new investment, leaving just the Japanese Equity sub-fund remaining.

Rex Cowley, head of marketing at Close Asset Management, said the range had originally been launched for investors who wanted to invest with specialists, but had suffered recently.

He said: "The credit crunch and market volatility has had a particularly detrimental effect on this fund range, both reducing investors’ appetite for risk and market returns.

"The result of this has been a reduction in assets under management and an increase in annual costs relative to NAV."

Cowley added: "In markets which continue to be volatile, with investors who continue to be cautious, the board felt the closure to be in the best interest of shareholders."

External manager of the remaining Japanese Equity fund, Lindsell Train, will take full control of the fund in July, subject to investor and regulatory approval.