Asset manager Columbia Threadneedle is shutting a UK fund that held more than £1billion of investors’ money at its peak.
The UK Absolute Alpha fund will close after a tough four years in which investors headed for the door.
The fund has shrunk from more than £1billion in 2016 before the Brexit vote to £78million.
Gathering storm: The fund has shrunk from more than £1billion in 2016 before the Brexit vote to £78million
Mark Westwood, one of the fund’s managers, has now left the company.
The fund closure was part of a broader review by Columbia Threadneedle of its UK equity funds, raising questions over the future of some of its other products.
Fund managers have come under pressure this year as nervous investors have looked to safeguard their cash amid the pandemic.
A spokesman for Threadneedle said: ‘This fund has been reducing in size and we expect that future demand will be low. We continue to focus on offering our strong core UK fund range.’
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