UBS shuts Global Diversified fund

UBS Global Asset Management has closed its underperforming £15.8m Global Diversified fund due to its small size.

The fund, managed by Andreas Koester, was launched in November 2011 and has gained 14.5 per cent since launch according to FE Analytics. This compares with an IMA Mixed Investment 20-60% Shares sector average return of 17.2 per cent.

A spokesperson for UBS GAM said the closure was “in the best interests of shareholders”. Investors will be offered a free switch into other UBS funds.

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This year the company has shut both its UK Smaller Companies and European Equity funds due to their small size.