GLG plans to merge John White’s UK Growth fund into his UK Select fund owing to their similar objectives and focus.
The £95.9m GLG UK Growth fund and the £270.8m GLG UK Select fund both aim to achieve a high total return through investing in UK equities and have Royal Dutch Shell, Vodafone, HSBC, BP and BHP Billiton as their top five holdings.
A GLG spokesman says: “We constantly monitor our fund range to ensure it continues to meet the needs of our investors and the wider market.
“As part of this process we have decided to merge the UK Growth fund into the UK Select fund, reflecting their broadly similar mandates and focus on large cap stocks. Subject to unitholder agreement, we expect to complete this process on 2 September 2013.”
FE Analytics shows GLG UK Growth is ranked second quartile in the IMA UK All Companies sector over one and three years to 14 August 2013. GLG UK Select, on the other hand, is second quartile over one year and third quartile over three years.
GLG UK Select’s performance by calendar year
|GLG UK Select||21.30%||15.35%||-12.06%||20.19%|
|IMA UK All Companies||19.32%||15.05%||-7.04%||17.53%|
|89 / 278||109 / 275||240 / 265||68 / 259|
Source: FE Analytics