Neptune has written to advisers to propose that the Asia Pacific opportunities fund be changed to the South East Asia fund and the fund will narrow the range of countries it invests in.
The £17m fund, run by fund manager Tom Sinclair, is set to be renamed on March 30, subject to shareholder approval.
The change was first revealed by Money Marketing and Fundweb earlier this month, but Neptune refused to confirm the name change.
In a letter sent to advisers, seen by Money Marketing, it says that the fund would change its name and change its investment policy to invest only in the South East Asia region.
It says: “The change would remove from the fund’s remit a number of countries that in our opinion are an inefficient way of expressing such a positive view on the South East Asian growth opportunity and which currently form a significant portion of the market, including Australia and Korea, as well as China and India where Neptune already have a number of deidcated country funds.”
The fund is set to invest in Singapore, Malaysia, Indonesia, Thailand and Philippines and no longer invest in Australia, Korea, India, China and Taiwan.
The benchmark is set to change from MSCI AC Asia Pacific ex-Japan to MSCI South East Asia.
The letter also says that the estimated costs of the amenment are 1.1 per cent of the value of the fund.