ASI closes worst-in-sector fund as largest backer withdraws

Lost investors 54% over three years

Aberdeen Standard Investments (ASI) will close its ASI UK Recovery Equity fund on 22 October after years of underperformance, according to a letter sent to investors.

The fund, managed by Wes McCoy since 13 May after manager Andrew Hunt was dropped, ranks bottom of the IA UK All Companies over one and three years with returns of -34.1% and -54.1% respectively, compared to the sector's return of -5.8% and -4.4% over the same periods respectively, according to data from FE fundinfo. ASI's £900m mandate wins boost UK equity capabilities The letter stated that "the largest investor has confirmed their intention to redeem their shareholding in the fund, which constitutes a substantial proportion of the assets of the fund", leading to the fund being "una...