Investec Asset Management will close its global bond fund due to a more than £100m fall in size.
The Investec Global Bond fund, co-managed by Russell Silberston and John Stopford, fell to £80m in February 2016 from a peak of £184m in 2012.
The firm, which will close the fund on 8 July, has offered investors to switch into other Investec Asset Management Oeic funds.
The fund, which was launched in 1996, returned 8.4 per cent against 3.4 per cent for the sector over the past two years but lagged the benchmark in the past three years returning -10.2 per cent against -3.8 per cent.
A firm’s spokesperson says: “In order to best serve the needs of our clients, we constantly review our product range. Our priority is to ensure that our funds are aligned with investor requirements and perform at a cost effective level.
“Given the decline in assets and client demand for the Global Bond Fund, we feel it is in the interests of shareholders to close the fund.”