Franklin Templeton is to close two of its UK OEICs and merge away two others following a review of its UK domiciled fund range.
Subject to shareholder approval, the group's £5m UK Equity fund will merge into the £31m Franklin UK Managers' Focus fund - managed by Paul Spencer (pictured), Colin Morton, Stuart Sharp and Mark Hall - on 31 May.
The £12m Franklin US Equity fund, meanwhile, will merge into Grant Bowers and Conrad Hermann's top-quartile £10m US Opportunities fund.
The group will also close the £12m Franklin Biotechnology and £5m Franklin Global REIT OEICs on that date, but said UK investors will still be able to access both strategies via its Luxembourg SICAV.
Franklin Templeton said the changes will reduce duplication and overlap within its UK fund range.
"This process has allowed us to increase efficiency across the product range, and maintain our commitment to bringing a strong offering of core UK products within the OEIC umbrella and also a wider range of more specialist complementary products in the SICAV structure," said Franklin Templeton UK country head Ian Wilkins.
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