Close Discretionary Funds, launched by UK-based Close Asset Management about one year ago, has unveiled seven new funds to accompany its existing five.

The seven funds will be using two new investment styles: managed and tactical. The managed range is made up of multi-manager funds, and the “tactical select passive range” offers different types of index-tracking investments.  

Close said its discretionary fund business, set up to complement the firm’s investment services, reached £1 billion (about $1.6 billion) in assets under management at the end of September 2011. The five funds launched in September 2010 have returned between 0.8 per cent and close to 5 per cent since their inception, the firm said.

The positive results and the firm’s tactic described as “capital preservation regardless of market conditions” make chief investment officer Nancy Curtin convinced that Close will perform regardless of the outcome of political action to stabilise the global economy.

The four new funds in the managed range are: the Close Managed Diversified Income, the Close Managed Conservative, the Close Managed Balanced and the Close Managed Growth fund. The three vehicles in the tactical range are: the Close Tactical Select Passive Growth, the Close Tactical Select Passive Balanced and the Close Tactical Select Passive Conservative funds.

Separately, in mid-October it emerged that Close had bought Scottish accountancy and professional services firm Scott-Moncrieff for an undisclosed sum, the company’s third acquisition this year.