The AUM of the Charteris Property fund, formerly managed by fund manager Tony Yousefian who has since left Charteris Treasury Portfolio managers, has plummeted 73.71 per cent in just 26 days following his departure.
Yousefian brought the fund with him to Charteris when he departed City Financial in March but left on 16 July after only three months with his new employer.
It was around this time the fund was renamed from the OPM Property fund and there were plans for Yousefian to manage new fund launches.
As of the 17 July the fund was £10m in size but by 12 August the fund had shrunk to just £2.6m in size.
Yousefian left to take gardening leave and sought legal advice around his Charteris departure.
In his absence the fund has been managed by Charteris chief executive Ian Williams.
Williams, who manages other Charteris funds, has consistently underperformed his peer group composite and over five years to the end of July produced a return of 15.70 per cent during this time while the peer group composite produced a return of 26.83 per cent.
Fundweb understands the majority of the assets in the property fund were from Norfolk-based IFA firm Smith & Pinching which was unavailbale for comment.
Charteris declined to comment.