Aegon Cautious Managed fund closing in July

Aegon Asset Management will close its UK Cautious Managed fund on 31 July saying it does not have th...

Aegon Asset Management will close its UK Cautious Managed fund on 31 July saying it does not have the potential for long-term demand.

The £7.5m fund, run by Peter Shaw, has been fourth quartile over one year, ranked 101st out of 118 funds in the Cautious Managed sector, according to figures from Morningstar to 4 May.

Investors in the fund, which opened on 1 March, 2007, will have the option to transfer their assets into other Aegon funds or remove them altogether.

Aegon is currently in the process of writing to investors to advise them of the change.

A spokesman for Aegon says: "We do not think there is a long-term demand for this product and we do not think it will get to the size we would want it to be."

Shaw also manages the UK Equity Tactical Pension fund and the UK Equity High Alpha fund.

The company will continue to operate in the IMA sector with its £9m Ethical Cautious Managed fund, run by Audrey Ryan, adding it is not considering merging the two funds.