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Swip to close three funds

Scottish Widows Investment Partnership is to close three funds that are “no longer economically viable” for the asset manager to manage.

Swip is to close the Japanese, European Income and UK Real Estate funds, following a review of the range and the asset manager’s repositioning announced earlier this year.

A Swip spokesman says: “These funds have over a period of time seen continuing redemptions which have limited their net asset value.

“Based on their fund size, these funds are no longer economically viable for Swip to manage.

“After considering a number of alternatives, Swip believes it is in the best interests of its investors to close these funds and to manage the redemptions in an orderly manner.”

The group is also planning to merge the Swip Pan-European Smaller Companies fund into its European fund, subject to investor approval.

It claims the merger will allow continuity of investment without generating a taxable event.

Investors in the three closing funds will be able to switch into other funds within the Swip range, with no initial charge payable.

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