Close Brothers has suspended redemptions on Deryck Noble-Nesbitt's Special Situations fund ahead of an expected wind-up of the portfolio in August this year.
The group suspended redemptions on the £11m fund on 16 May, and has also suspended redemptions on Noble-Nesbitt's £11m Beacon Investment fund - another small-cap portfolio - as of the same date. A spokesman for Close said the funds were being wound up because they are no longer economically viable. The wind-up process is expected to take 12-14 weeks from the point at which shareholders were notified of the suspensions last week, meaning final closure is likely to be in early August. Formerly a top performer in the IMA UK Smaller Companies sector, Special Situations has struggled in...
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