Liontrust has effectively closed Jermey Lang's First Growth portfolio to new business as it believes...
Liontrust has effectively closed Jermey Lang's First Growth portfolio to new business as it believes the fund has reached full capacity.
The group will no longer market the fund via discounts on its charges and has ceased pitching for institutional mandates to be managed by Lang.
Jonathan Harbottle, marketing director of Liontrust, said the group is not looking to raise the initial charge on the unit trust to deter new entrants but is keen to protect existing client's interests.
'It has effectively been taken off sale,' Harbottle said. 'We have reached full capacity in Lang's equity growth process.'
Harbottle said Liontrust will be focusing its marketing efforts on Lang's First Income fund and Will Pattison's First Large Cap.
Lang now manages £1bn in assets, some £250m of which is First Growth. Liontrust First Growth has been a core UK fund for many intermediaries since launch in February 1993. Over three years to 21 October, it posted returns of -18.4%, compared to a sector average of -25.6%, ranking it 38 out of 246 in the UK All Companies sector.
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