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Insight shutting two funds

Insight Investment is to close its UK smallcap and evergreen funds after some principal investors redeemed their holdings.

Insight says the move has made both funds economically unviable, with the UK small-cap fund to close on May 7 and the evergreen fund on June 11.

The £22m evergreen fund has been managed Alex Illingworth since August 2003, the fund has fallen by 8.8 per cent in the past three years, compared with the average fund in the IMA global growth sector falling by 4.8 per cent.

The £62m UK small-cap fund is managed by Ed Robinson and is third quartile in the UK small companies sector over three years, falling by 22.2 per cent compared with an average fall of 20.6 per cent.

The move will bring the number of closed vehicles for Insight to eight after the sale of its third-party investment management business to BNY Mellon. The funds are part of a number of assets being passed over to Scottish Widows Investment Partnership

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