Neptune to close US Mid Cap fund as manager departs

Exit-Man-Door-Depart-Leave-700.jpgNeptune is planning to close the US Mid Cap fund following the departure of manager Patrick Close.

The fund has only attracted £500,000 in assets since its launch last year, despite outperforming the IA North America sector with returns of the 19.7 per cent against the 15.3 per cent average, FE data shows.

Ali Unwin, manager of the Neptune US Opportunities fund, and George Boyd-Bowman, manager of the Neptune US Income Fund and Neptune Global Income funds, will manage the fund until the proposed closure.

“Neptune regularly reviews its fund range to ensure it meets the requirements of investors. The US Mid Cap fund has attracted lower-than-expected investor demand and the costs associated with running the portfolio mean it is not in the interests of shareholders to continue running the strategy,” a Neptune spokesperson says.

“The termination costs incurred will be covered by Neptune and not paid out of the fund’s capital. Investors in the fund will have the option to switch into another fund managed by Neptune or to sell their holdings, which will be carried out free of charge,” the firm adds.

There has been a swathe of US manager changes at Neptune recently, with former managers of the US Opportunities fund Felix Wintle, James Hackman and Robin Milway leaving the firm in May 2016, September 2016 and July 2017 respectively.