A mirror version of the Artemis Strategic Bond fund run for Skandia is to be closed, with the assets transferred into an Old Mutual product.
The Old Mutual Artemis Strategic Bond fund launched in April 2013, but had attracted only £13 million of assets.
It will now be liquidated later in August, with investors switched into the Old Mutual Monthly Income Bond fund instead.
‘Due to the small size of the fund it was uneconomical to keep it running,’ a spokesperson for Skandia told Wealth Manager.
‘In agreement with Artemis we have chosen to move the assets into the Old Mutual Monthly Income Bond fund that has similar objectives and is an appropriate alternative solution for investors.’
The main Artemis Strategic Bond fund, which is managed by the Citywire + rated team of James Foster and Alex Ralph, contains £768 million. Old Mutual Monthly Income Bond, run by A-rated Christine Johnson (pictured), holds £130 million.
Both funds sit in the Sterling Strategic Bond sector. Artemis Strategic Bond has returned 25.1% over the past three years while Old Mutual Monthly Income Bond has generated 36.7%, both ahead of the peer-group average of 24%.