UBS reviews future of Manduca's UK Smaller Companies fund

UBS is reviewing the future of its underperforming UK Smaller Companies fund, managed by Frank Manduca (pictured).

The fund, which launched in 2003, has been consistently fourth quartile in the IMA UK Smaller Companies sector, underperforming over one, three, and five years. It fell 9% over five years to 11 February versus the sector average return of 51%, according to FE. Assets in the fund have fallen to stand at just £11m at the end of December and its small size means the portfolio is no longer viable, the group said. Steve Hutton, head of UK wholesale, said although it has not made a final decision on the future of the Smaller Companies fund, investment in UK equities is not a main focus for ...