Smith & Williamson has merged three UK funds run by head of UK equities Mark Boucher in the “final part” of its UK equity desk overhaul.
The £16.1m S&W Opportunities and £21.1m S&W UK Growth funds have been merged into the £10.5m Smith & Williamson UK Equity Growth fund.
The two funds being merged away have both lagged the IMA UK All Companies sector average in three and five year periods to November 5, according to FE Analytics, although relative performance has improved since Mr Boucher took control of the funds in January this year.
Mr Boucher said the remaining UK Equity Growth fund was now “of a decent size, with potential to grow”.
Smith & Williamson head of marketing and sales Nick Hodgson said the merger was the “final part of a tidying-up exercise” for the group’s funds. The UK equity range also includes Tineke Frikkee’s UK Equity Income fund and the long/short Enterprise fund, run by Mr Boucher with Mark Swain and Rupert Fleming.