River & Mercantile closes UK Equity fund

River & Mercantile has decided to close its £3m UK Equity vehicle to retail investors due to a lack of demand.

The fund will remain open in a format only accessible to institutional investors. Until recently the fund held £23m AUM but following the exit of an institutional investor this reduced to £3m. Mark Thomas, managing director at the firm, says: "We are not seeing demand from wealth managers for this kind of vehicle. They prefer our UK Unconstrained and UK High Alpha funds." River & Mercantile will continue to run £253m in UK equities mandates for pension funds. The fund will close at the end of March. Dan Hanbury, the manager, will remain at the group running the UK Unconstrained ...