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Neptune to merge and rename UK funds

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Neptune Investment Management is merging its UK Equity and UK Special Situations funds following the departure of fund manager Alex Breese to Schroders.

Managed by Scott MacLennan, the £19m Neptune UK Equity fund is being merged into the £33m Neptune UK Special Situations fund, formerly managed by Breese

Breese departed in April 2013, joining Schroders to replace the outgoing Richard Buxton and Errol Francis.

Following this change, the UK Special Situations fund will be renamed as the Neptune UK Opportunities fund.

A Neptune spokesman says: “The proposed merger would help Neptune to make use of the economies of scale that a combined entity would offer. In addition, the change of investment objective would provide a more flexible remit that would overlap the existing strategic goals of both funds and satisfy the investment parameters of current shareholders in either fund.

“The changes would partially align the new fund with Neptune’s current range of ‘opportunities’ funds that target long-term capital growth by investing in any industry sectors of their respective markets.”

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