RAB Capital is taking a scythe to its product range, shutting at least six hedge funds, as the 91% fall in its share price this year outpaces large declines by many of its peers.

A spokesman for the $2.8bn (€2.2bn) asset manager declined to give details on which long-only funds and hedge funds would be closed. However, he said some of the hedge funds were "development products", which were very small.