L&G to shut Global Macro Themes fund

Legal & General Investments’ Ben Gill is leaving the company after it decided to close his £222.4m Global Macro Themes fund following a “review”.

The fund has lost 14 per cent in the past two years, in contrast to previously strong performance. Previous manager David North left the company in January 2013 after a period of sick leave with Mr Gill taking over full time management of the fund.

Investment Adviser understands that most of the fund’s assets were internal, leaving the fund very small after a decision to move the internal money.

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A spokesperson for L&G said: “Legal & General regularly reviews its fund proposition and can confirm that we are closing the Global Macro Themes fund.

“The intention to close was notified in the fund manager’s annual report for 2013. A submission to seek to wind up the fund has been approved by the Financial Conduct Authority and all external investors have been written to outlining their options.

“This action only involves the Global Macro Themes fund and does not affect any other fund run by Legal & General.”

The fund was launched in 2008 and was previously called the Diversified Absolute Return Trust, before it was moved out of the IMA’s Absolute Return sector and renamed in 2011.