The firm, founded by Robin Geffen (pictured), revealed it has applied to the Financial Conduct Authority to close the US fund due to “lower-than-expected investor demand” which meant the costs of running the portfolio were too high to justify keeping it open.
The fund’s manager Patrick Close has also left the firm, the fourth manager to abandon Neptune over the past year and a half.
James Hackman, Felix Wintle and Robin Milway have all left the boutique management firm over the past 15 months.
Wintle has since launched another active US fund at start-up boutique Tyndall Investment Management.
In a statement, the firm said all of the fund’s investors had been informed of the closure and termination costs will be paid by Neptune, not out of the fund’s capital.
Investors have the opportunity to switch to another Neptune fund or sell their holdings free of charge.
“The US Mid Cap Fund has attracted lower-than-expected investor demand and the costs associated with running the portfolio mean it is not in the interests of shareholders to continue running the strategy,” Neptune said.
Ali Unwin, who also stepped in to manage the US Opportunities fund following the departure of Robin Milway last month, will manage the mid cap fund alongside George Boyd-Bowman until the closure is final.