SVM to close UK Absolute Alpha and Cautious Managed funds

SVM Asset Management is to close its £3m Cautious Managed and £2m Absolute Alpha funds.

Both funds are being closed on 31 December 2012 due to a lack of investment.

The SVM Cautious Managed fund was fourth quartile over three years in the Investment Management Association Mixed Investments 20-60 per cent Shares sector having lost 8 per cent compared to an average return for the sector of 15 per cent.

The SVM UK Absolute Alpha fund is down 30.3 per cent over the past three year and sits in the IMA Absolute Return sector. The fund was run by co-founder Colin McLean.

In September, Fundweb revealed that SVM co-founder and manager of the Cautious Managed fund Donald Robertson had left the firm with immediate effect.