SLI to soft-close Nimmo's Smaller Companies fund

Standard Life Investments is preparing to soft-close Harry Nimmo's £1.1bn UK Smaller Companies fund in June.

In a letter sent to clients this morning, the group said it is seeking to quell soaring inflows, allowing Nimmo more flexibility to hold meaningful positions in small-cap stocks and prevent liquidity problems. Jacqueline Kerr, the group's head of UK wholesale, said the soft-closure will be implemented by charging new investors a full initial charge of 4%. "We have taken this decision in the interests of protecting existing investors, ensuring the flexibility of this mandate to invest across the Hoare Govett Smaller Companies universe is not compromised by the volume of assets under ma...