Aviva Investors to shut Buxton and Brough Special Sits mandate

Aviva Investors is to close its UK Special Situations fund after one of its managers, ex-Schroders UK equities head Richard Buxton, joined Old Mutual Global Investors.

Aviva Investors launched the fund in 2006 under its previous guise as Norwich Union, with both Buxton (pictured) and his former colleague Andy Brough given a dual mandate to run the portfolio. Billed as a collection of both managers' best ideas, Norwich Union seeded the fund with around £200m, although it never grew substantially and is currently £376m in size. Although it lacked popularity, with most investors choosing to buy Buxton or Brough via their own Schroder portfolios over the following seven years, the fund has outperformed the UK All Companies peer group over major time per...