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Jobs at risk as Alliance Trust Investments announces fund closures

Alliance Trust is set to close its £77m North American Equity and £60m European Equity funds at the end of June, following a review of the business.

The group, which is in the midst of a strategic review, in July last year closed its UK equity income and Japan equity portfolios. It is looking to concentrate on its core areas of fixed income, global equities and sustainable and responsible investments.

The group is presently consulting with the members of the North American and European fund teams in regards to their future with the company.

In a statement, Alliance Trust Investments managing director Ed Troughton says: “We can confirm that we are in the process of closing both the Alliance Trust European and the Alliance Trust North American Equity funds. We expect the funds to close on 30 June.

“Over the past year we have restructured our investment team to focus our business on areas of competitive strength, which includes fixed income, global equities and SRI. North American and European equities are not areas that we see as core within our offering and hence we have taken the decision to close these funds.

“All clients have been contacted and informed of our plans and will be given the chance to either exit the fund in question free of charge or be offered another choice within the ATI fund range.”

The Alliance Trust North America and European Equity funds both launched in 2009, in February and December respectively.

Since launch the North American fund, managed by Matthew Strachan, has underperformed against its peer group, achieving a return of 73 per cent versus a sector average of 83 per cent, to the end of March.

The European Equity vehicle, co-managed by Fiona MacRae and Tommy Bryson, is up 27 per cent  since inception, against a sector mean of 23 per cent.

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