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PSigma Dynamic Multi Asset set to close

PSigma Asset Management has closed Tom Becket’s PSigma Dynamic Multi Asset fund owing to the small size of its assets under management.

PSigma will close the fund, which has AuM of £19.2m, on 30 September. The move follows the decision to close Neil Cumming’s PSigma UK Growth fund on 30 August, after the portfolio dropped to under £1m.

The firm says the closures are not connected PSigma’s acquisition by Miton in June and come after a product review.

According to FE Analytics, PSigma Dynamic Multi Asset is third quartile in the IMA Mixed Investment 40%-85% Shares sector over one year to 4 September, returning 11.9 per cent against the peer group’s 13.7 per cent. Over three years it returned 20.2 per cent, placing it fourth quartile against the sector’s 24.39 per cent average gain.

Becket, who is also the chief investment officer at PSigma Investment Management, has managed the fund since launch in September. Since then, it has outperformed the group, returning 42.9 per cent against 37.5 per cent.

Chase de Vere head of communications Patrick Connolly says: “It makes perfect sense they have closed the fund. Too many investment companies have too many funds which cannot be profitable for them. Going forwards, we expect far more closures, mergers and amalgamations.”

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