SLI delays soft-closure of Nimmo's UK Smaller Companies fund

Standard Life Investments has pushed back the soft-closure of Harry Nimmo's £1.1.bn UK Smaller Companies fund to the end of August, after initially planning to cap the fund on 27 June.

A spokesperson for SLI said the delay in closing the fund comes after a drop off in sales resulted in inflows cooling and allowed the group to better manage new cash entering the fund. At the end of April SLI announced its intentions to soft-close the fund to quell soaring inflows, which in turn would grant Nimmo more flexibility to hold meaningful positions in small-cap stocks and prevent liquidity problems. In a letter to shareholders the group explained it overestimated how quickly the fund would reach maximum capacity. "The original decision to put soft-closure measures in plac...