Legal & General Investment Management is to close its £15.7m Global Environmental Enterprises fund as it is no longer commercially viable to run.
The fund will close on 6 November 2015, after which date the manager will liquidate the assets in the fund and return the proceeds to shareholders, a process which is expected to take up to two months. A spokesperson for the company said: "We are closing the fund because it is no longer commercially viable." The fund's assets have fallen from around £43m in May to its current size of £15.7m, according to FE Trustnet, making it too small for the group to continue running the product. Managed by LGIM's index fund management team, the fund has returned 36.7% over the last three years,...
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