Investments  

Aviva Investors to shut UK Special Sits fund

Aviva Investors is closing its £375.6m UK Special Situations fund following co-manager Richard Buxton’s departure from Schroders.

The fund had been run by Mr Buxton and colleague Andy Brough since launch in May 2006 as an outsourced mandate.

As a result of Mr Buxton’s move to Old Mutual Global Investors, first revealed in March, Aviva Investors said the fund’s biggest investor had withdrawn its investment.

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Aviva Investors said in a statement: “Our priority is to protect the interests of our current investors and we believe it will not be in their best interests to remain in the fund as it will be too small to be run effectively.”

Investors still in the fund are being offered a free switch into another Aviva Investors fund or they can redeem it for cash.

In the five years to September 9 the Aviva Investors UK Special Situations fund posted a second-quartile gain of 61.1 per cent, according to FE Analytics, compared with a 51.2 per cent average return from the IMA UK All Companies sector and a 51 per cent rise in the FTSE All Share index.