Edinburgh Portfolio to close Recovery fund

Edinburgh Portfolio (EP) is planning to reduce its funds of funds range, by merging its Managed Recovery and UK Growth portfolios. EP launched the Managed Recovery fund in January 2001 but the product did not appeal to investors as much as EP had hoped. With around £700,000 currently under management it has now become too small, said Paul Talbot, managing director of EP. The group has sold out of the index tracker funds held by the UK Growth fund, L&G UK Index and Norwich UK Index, as the company believes that markets are unlikely to perform strongly over the next few months. All index...