ASI said the Global High Yield Bond Fund will close on October 26 this year. The closure of the fund has been prompted by the withdrawal of Scottish Widows’ 95% stake, part of its planned switch of two-thirds of its assets from ASI.

The UK Recovery Equity Fund had £52 million of assets.

ASI told investors in its Global High Yield Fund that its vastly reduced size would make it difficult to trade assets competitively.

It said: “Following consideration of the available options, we believe it is in the best interest of all shareholders to close the fund, liquidate all of the underlying assets and return the proceeds to investors.

“We believe it is appropriate and to the benefit of remaining investors to close the Fund given its small size. Investors may choose to re-invest in one of our other funds in our UK-domiciled range.”