Marriage's Cazenove Absolute UK Dynamic fund to hard close

The fund, run by Marriage (pictured) and co-manager John Warren, has a bias towards mid and small cap stocks, and has delivered some very strong numbers since launch back in 2009.

In the last three years the fund has returned 49% (according to Trustnet) versus the Targeted Absolute Return sector average of 8.9%.

Performance helped the fund grow to £367.1m by the end of September.

Given its exposure to the smaller companies in the market - it has net exposure of almost 40% to small cap and AIM stocks at present - the group has opted to hard close the product.

Robin Stoakley, managing director UK intermediary at Schroders said: "As part of Schroders ongoing commitment to maintain the integrity of the investment process of our funds, we have made the decision to hard close the Cazenove Absolute UK Dynamic fund managed by Paul Marriage and John Warren as the fund is at capacity.

"We are always mindful of our duty to protect existing investors' performance and deliver the fund's objectives."

Seperately today Schroders announced a bumper set of results, with revenues and profits soaring following the takeover of Cazenove in the summer.

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• Schroders