Edinburgh funds house Martin Currie has merged away two of its three underperforming UK equities funds after a strategic review, blaming the decision on falling demand for the asset class. The news comes after the asset manager hired a high-profile emerging markets team from a local rival earlier this year.

The company said that after a strategic review of its business, it will merge its £52m (€62m) UK Growth fund into its Global fund, and the £18m UK Equity Income fund will be replaced by a global income fund. Both moves are subject to regulatory and shareholder approval, and are expected to be completed by October. The changes leave the company with only one UK equities strategy, the £97m Securities Trust of Scotland.