Barings closes American Smaller Companies

Baring Asset Management has shut its £9.01m American Smaller Companies unit trust and returned the cash to unit holders. James Rainbow, marketing manager for Barings, said the fund had been an uneconomical vehicle for the group and unit holders alike and its closure followed on from the disbanding of the Baring Japan Sunrise fund last year. Around £4m of the fund's assets had been in-house and, over the 12 months to 1 April, the fund fell 35.02%, bid to bid, compared to a -27.51% sector average.