Richard Buxton's £31m UK investment trust will be shut down next month, the trust's board has confirmed.
The board of the Jupiter UK Growth investment trust has confirmed it will be closed down on Friday, March 26, with investors given the choice of switching to a global equity fund or taking their cash.
In December the trust's board struck a deal with Brown Advisory Funds which would allow investors to switch into its Global Leaders fund if they wished.
This morning the trust published its timetable for closing down the fund, with investors having until 1pm on Friday, March 12 to inform the board of which choice they are making.
If investors make no decision, they will be given their cash back by default.
Last year the trust's board considered its options following the trust's dire performance, including the prospect of firing Jupiter Asset Management to find a new manager.
But when Jupiter bought Merian Global Investors the board decided to stay put on the condition star fund manager Richard Buxton be appointed as the trust's new manager.
However in October 2020 the board came to the conclusion the trust had shrunk to such a small size, and performance had been so poor, that they would not be able to provide it with a "relevant and sustainable future".
The trust is the absolute worst performer in the AIC UK All Companies sector over five years, one year and six months.
It has lost 11.5 per cent over five years, while its sector has gained 52 per cent.