Money Marketing sister title Fundweb revealed revealed the news last week, with the closure set to come into effect on 22 January.
Schroders managing director of UK intermediary Robin Stoakley says: “As a result of strong inflows this year, and Schroders’ commitment to maintaining the integrity and performance of the fund, we have decided to hard close the Cazenove UK Smaller Companies fund, managed by Paul Marriage and John Warren.”
Cazenove UK Smaller Companies fund co-manager Paul Marriage says: “Having experienced exceptional support from investors over recent years, the closure of the fund gives us the best possible opportunity to maintain our long-term record.”
FE Analytics shows £629.7m flowed into Cazenove UK Smaller Companies from the start of 2013 through until the end of September, bringing the size of the portfolio to £951.6m and making the fund the second largest in the Investment Management Association UK Smaller Companies sector.
The latest available data from Schroders for the end of October shows the fund has now reached £1.06bn, more than treble the size from £321.9m at the beginning of the year.
The fund has consistently outperformed the IMA UK Smaller companies sector over one, three and five years. The mandate is also included as part of the top five performing funds in its sector over one, three and five years.
Charles Stanley Direct head of investment research Ben Yearsley says: “When you look across the market a lot of the best funds are closing. This is a real shame but understandable in small cap funds.”