Axa to liquidate UK Small Cap Alpha fund

Axa Rosenberg is to shut down its UK Small Cap Alpha fund as its assets have dwindled to £3m.

The fund, which is managed by Gideon Smith, halved in size in the 12 months to March 2009. A spokeswoman for Axa Rosenberg says: "At £3m, the decision was taken to close the fund, as it is not really a viable proposition." The fund returned 2.6% this year. Last year it was up 43.7% but failed to beat its benchmark, the FTSE Small Cap Ex Investment Trusts. In 2008 it fell 43.7%, but beat the index. It undershot the benchmark in both 2006 and 2007. The group says investors who have not redeemed their investment today will have their holding in the fund compulsorily redeemed on 25 ...