T. Rowe Price has closed its first dedicated UK investment strategy, the Responsible UK Equity fund, less than three years after its launch.
A spokesperson for the firm told International Investment's sister brand Investment Week: "After a thorough evaluation of the commercial potential of the Responsible UK Equity strategy, we decided to discontinue the strategy following board and regulatory approvals."
Launched in January 2021, the strategy struggled to significantly grow its assets under management over the years.
T. Rowe Price launches first dedicated UK investment strategy
As of the end of September, the fund held £6.5m in assets, according to data from Morningstar Direct and the strategy's assets peaked in December 2021 at £7.7m.
The fund was liquidated on 5 October, according to the platform. Mitchell Todd was listed as the manager of the strategy since launch.
The portfolio applied a socially responsible screen to its potential investment universe, using it to find the 40-60 stocks which were aligned with the "most common" ESG concerns expressed by its clients.
