Man GLG to shut American Growth fund

Follows failed merger

Man GLG will close its £24m American Growth fund later this month, Investment Week can reveal.

The fund, managed by John Gisondi, will close on 22 April, although Gisondi will remain at the firm as head of North American equities. The decision comes after shareholders rejected plans to merge the fund into Henry Dixon's £104m UK Income vehicle earlier this month. Man GLG UK Income re-joins IA's UK Equity Income sector Man GLG had previously said it was "reviewing the position" of the fund due to its small size. The company declined to comment on the planned closure. According to FE, the £24m fund has returned 39.8% over the last three years to 5 July, versus the IA North A...