Allianz UK Mid Cap fund to merge with UK Listed Opportunities as AUM shrinks

According to a letter to investors seen by Investment Week, Allianz is planning on combining the two portfolios after it concluded the Allianz UK Mid-Cap fund "has not been providing shareholders with value in terms of costs". In the letter, it noted that performance has also been behind the target benchmark over the last five years. "The assets under management have fallen in recent years and if they reduce further, Allianz believes that it will no longer be economically viable to run the merging fund." In just under a year the fund's AUM has almost halved, having peaked at around...