Fund house Jupiter is to close two of its funds following a period of outflows, the company has confirmed.
The £3m Jupiter UK Alpha fund, which is run by Richard Curling, and the £10m Jupiter Enhanced Distribution fund, a multi-asset fund run by Alastair Gunn on the equity side and Rhys Petheram on the bond side, are to be shut.
Mr Curling has worked at Jupiter since 2006 and manages two other funds.
The Jupiter UK Alpha fund has returned 3 per cent over the past five years, compared with 36 per cent for the average fund in the IA UK All Companies sector in the same time period.
The Jupiter Enhanced Distribution fund has returned 9 per cent over the past three years, compared with 13 per cent for the average fund in the IA Mixed Investment Sector in the same time period.
A representative of Jupiter said: “At Jupiter we keep our fund range under constant review to ensure that we are providing the most suitable products to fit the needs of our clients at all times.
"We have taken the decision to close these funds because, at their current small scale, they are continuing to contract, making them harder to manage efficiently and achieve an appropriate diversification of assets.
"We do not anticipate a resurgence of interest in these funds in the near term to generate sufficient new inflows to make the funds sustainable going forward. Consequently, we believe closure of the funds is the correct decision to take for investors.”
Investors in the funds will get their cash back once the assets have been sold.
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