Barings to close struggling corporate bond fund

Baring Asset Management is to shut its Corporate Bond fund on 2 May following several years of poor performance and a series of large redemptions, Investment Week can reveal.

The fund, run by director of research Nigel Sillis, had previously proved popular with fund buyers. Assets swelled to £410m by November 2012, but were hit by redemptions following the departure of manager Sunita Kara (pictured) in July 2013. Assets under management had fallen to £153m by the time of her departure, with the fund falling to £40m shortly after and to just £300,000 by January of this year, according to FE.    The fund has returned 47.8% in the last three years, compared to 63.3% for the IMA Sterling Corporate Bond sector, putting it in the bottom quartile. Sillis wi...