Two of UK's oldest unit trusts merged away to create £500m vehicle

Canada Life Investments has merged away Canlife General and Canlife Growth - two of the country's longest-running unit trusts - as it restructures its fund range as part of a push into the UK market.

The group has converted the two unit trusts in order to create the CF Canlife UK Equity fund, run by Nigel Kennett and Daniel Monks, after ex-Gartmore man Kennett joined the company in September from Nomura. Its launch marks the end of both the £100m Canlife General and £436m Canlife Growth unit trusts, managed by Monks since January 2012. The portfolios were launched in 1971 and 1975 respectively, and were among the oldest surviving unit trusts in the UK, according to data from Morningstar. Only 14 other trusts have a longer life span. Prior to their closure, the two funds were th...