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Martin Currie to close Global Energy fund next month

Martin Currie is to close its Global Energy fund at the end of February as it has “limited prospects for growth”.

Toby Hogbin, head of product development and marketing at Martin Currie, said: “At £3m the fund is very small with limited prospects for growth.

“We have therefore taken the decision that it is in the best interests of shareholders to close the fund.”

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The fund is managed by Duncan Goodwin and Ruairidh Stewart and was launched in March 2009. In 2012 it lost 7.4 per cent, compared to the IMA Global sector average increase of 9.9 per cent.

The fund will close to new business on January 18 and wind up by the end of next month.

Mr Goodwin and Mr Stewart co-manage the group’s global resources and energy funds, including the Martin Currie GF - Global Resources fund.