UBS to shut poor performing small cap fund

UBS Global Asset Management is closing its £12.4m UK Smaller Companies fund due to it becoming uneconomical to run.

The fund was bottom quartile of the IMA UK Smaller Companies sector in one, three and five year periods, according to FE Analytics.

Fund manager Frank Manduca is remaining at the group and has a co-manager role on four Luxembourg-based specialist equity funds.

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