OMGI to close onshore Japanese Equity fund

OMGI to close onshore Japanese Equity fund

Old Mutual Global Investors is to close its onshore Old Mutual Japanese Equity fund after its size reduced with total assets of just £18m as of March 31 2016.

The fund, which is run by Ian Heslop, Amadeo Alentorn and Mike Servent will close next month, but the larger offshore version of the fund will remain open and will continue to be run by the management trio.

In a statement OMGI explained: “We have written to shareholders in the onshore Old Mutual Japanese Equity Fund to notify them that it will be closing on June 17 2016.

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“We have made the decision to close the fund because it has reduced in size and with remaining assets of less than £20m; it is no longer viable for it to remain open.

“We therefore believe that investors’ interests will be best served by closing the fund.”

Data from FE Analytics shows the A accumulation share class delivered a loss of 4.5 per cent for the 12 months to May 3 2016, compared with the IA Japan sector average loss of 2.2 per cent.