GLG to merge John White’s UK Growth fund away

GLG is to merge John White’s £95.9m UK Growth fund into his £270.8m UK Select fund.

A spokesperson for GLG said the decision had been taken as the two funds had become very similar in their structures, both targeting UK large cap stocks.

The UK Growth fund had the stronger three-year track record, its 49.4 per cent return ranking it in the second quartile of the IMA UK All Companies sector in the period to August 13 according to FE Analytics. The UK Select fund posted a third-quartile gain of 41.3 per cent in that period.

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The changes will take place on September 2, subject to investors approving the merger.