Baring Asset Management has decided to close down its $119.9 billion North America fund after a recent review of its fund range.

“We actively manage our fund range at all times to align our resources and products with our areas of strength and to focus on markets that we believe offer growth potential for investors,” the firm, which is known for its focus on emerging markets, said in a statement.

Barings also said that all existing clients will be given the opportunity to transfer into any of the company's other funds in the same range at no cost to them.

The close-down is subject to regulatory and shareholder approval being granted.