SWIP to close five funds across Europe, US and Asia

Scottish Widows Investment Partnership (SWIP) has announced plans to close five of its oeics, including two funds run by the group's head of European equities, Steven Maxwell.

The group is proposing to close its £10.5m Pan-European Equity and £14.7m Pan European SRI Equity funds, along with the £15.2m Asia-Pacific, £13m Japanese Smaller Companies and £25.5m North American Smaller Companies funds. SWIP said they have taken the decision to close the two European funds and the Asian mandate following redemptions by institutional investors. The group said the redemptions have substantially reduced the funds' net asset value and left them too small to be commercially viable. SWIP added the Japanese Smaller Companies and North American Smaller Companies funds ...