Franklin Templeton has shut down three subscale Oeics as it reviews its UK fund offerings and promises further launches.
The US multi-boutique asset manager said it would close the £17 million Franklin Diversified Income, £8 million Franklin Strategic Bond and the £4 million Franklin Diversified Growth funds on 15 December.
The funds had over the last 12 months returned -0.9%, 2.2% and -1.1%, respectively.
‘We regularly review our fund range offering and in this regard we made several changes for UK investors,” Franklin Templeton said in a statement.
‘In February 2017 we launched the Franklin UK Gilt fund and the Franklin UK Corporate Bond fund with a highly competitive annual management charge of 25 basis points and 35 basis points for class W Shares respectively.
‘We are confident that our current fund range represents a strong value proposition for UK investors and we are committed to building our offering in relevant sectors of the market.
'We have a number of new investment offerings in the pipeline that we will be in a position to announce over the coming months.'