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Insight to close UK small cap and evergreen funds

Insight Investment is to close its UK small cap and evergreen funds after a number of principal investors chose to redeem their holdings.

Insight says the move has made both funds economically unviable with the UK small-cap fund set to close on May 7, 2010 and the evergreen fund on June 11, 2010.

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

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

The move will bring the number of closed vehicles for Insight to eight following the sale of the third party investment management business from Lloyds Banking Group.

The funds are part of a number of assets being passed over to Swip as part of the deal. Swip has yet to confirm whether both managers are to remain with the business.

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