Ignis Asset Management winds down underperforming funds

10 March 2014 - Ignis Asset Management is to close two underperforming equity funds, both of which appeared in the latest Chelsea RedZone. The UK Enhanced Income and Ignis UK Focus funds will be closed on 7th April 2014, subject to regulatory and shareholder approval.

In a statement, Ignis said that it expects “little demand for the products in the forseeable future and, due to their small size, they are expensive to manage.”

Investors in the funds will have the opportunity to redeem their shares or transfer to another Ignis fund free of charge.

At the same time, the firm is also shutting its Japan Tracker fund, which is managed by State Street. Subject to regulatory approval, this fund will cease to exist on 14th April 2014.