SVM closes McLean's UK long/short and Cautious Managed funds

SVM Asset Management is to close its underperforming UK Absolute Alpha and Cautious Managed funds at the end of the year due to their small size.

The funds, which have a collective £5m in assets and are both run by SVM founder Colin McLean (pictured), will close on 31 December, having been placed under review by SVM in September. McLean will continue as lead manager of the £13m SVM Global Opportunities fund, as well as working alongside Margaret Lawson on the £50m UK Growth fund, the group said. He will also continue to run the SVM Global trust and the SVM UK Emerging trust. "We have decided to close the SVM UK Absolute Alpha and Cautious Managed Funds as their size means that they are uneconomic to run, and the closures tak...