Ashburton Investments has closed its £27.2m European Equity fund to concentrate on its “core” funds including multi-asset and emerging market equity products.
Ashburton’s managing director Peter Bourne said the fund range was being streamlined to “enhance our product offering”.
He said this strategy had begun in 2012 when Ashburton became part of new asset management company Ashburton Investments, which was launched by parent FirstRand Group in 2012.
“This included the launch of a new Ashburton Investments fund platform in Luxembourg in May 2013,” he said.
“We took a decision to concentrate on our core multi-asset solutions and reposition our equity fund offering to pay particular attention to emerging markets.
“This process resulted in changes to our product range and the closure of a number of our developed market equity funds, including the Ashburton European Equity fund.
“Clients have been kept informed throughout the process.”
Mr Bourne added the group’s Multi-Asset and Global Equity products all offered exposure to Europe and that the recently launched Global Energy fund, managed by Richard Robinson, augmented what was a key theme from the European fund.
“We have simplified our fund range in the best interest of our clients and this is a long-term growth strategy for Ashburton Investments,” Mr Bourne said.
Since launch in December 2006, the European fund delivered 54.8 per cent, outperforming the return of 47.4 per cent from its benchmark MSCI Europe index, according to the group.