Martin Currie to merge Japan funds

Martin Currie is set to merge away its underperforming £45m Martin Currie Japan fund.

The fund, which is managed by Martin Currie’s head of Japan John Millar, is set to be merged into the £68m Martin Currie Japan Alpha fund.

Claire Marwick and John-Paul Temperley will continue as co-managers of the Alpha fund while Mr Millar will run the firm’s Japan Sicav and segregated accounts.

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While the Japan fund has delivered a 32.2 per cent return in the past five years, putting it in the third quartile of the IMA Japan sector, the Japan Alpha fund has returned a top quartile return of 61.8 per cent in the same period, according to FE Analytics.

A spokesperson for Martin Currie said the firm had decided to merge the funds, subject to shareholder approval, as a result of a product review.

The spokesperson said: “Both funds have very similar investment objectives and there is a significant overlap of investments within each portfolio.”