First State to close five bond funds

First State is to shut its five UK retail fixed interest offerings, worth some £342m in assets under...

First State is to shut its five UK retail fixed interest offerings, worth some £342m in assets under management, at the end of July following the conclusion of a four-year contract to run money for Colonial Life. Following the sale of the Colonial Life business at the end of 2000, First State undertook an agreement to manage a portion of Colonial Life's assets for four years. This money was placed into its UK Gilt, Index Linked Bond, Global Bond, Corporate Bond and Cash unit trusts. Since this contract has come to an end, and as the assets make up a vast proportion of each of the five fun...