Franklin Templeton is to close two funds and merge four others into two following a “comprehensive review” of its proposition for UK clients.

On 31 May, the Templeton UK Equity fund will merge into the Franklin UK Managers Focus fund, while the Franklin US Equity fund merges into the Franklin US Opportunities fund, subject to shareholders’ approval.

At the same time, the Franklin Biotechnology fund and the Franklin Global REIT fund (both UK-registered OEICs) are due to close, the firm said in a statement. 

Ian Wilkins, UK country head, said the moves will enable the firm to “increase efficiency across the product range” while maintaining an offering of core UK products under the OEIC umbrella, with a wider range of “more specialist” SICAV products.

UK investors seeking to invest in biotechnology will retain access to the Franklin Biotechnology Discovery fund within the firm’s Luxemburg-registered SICAV range, which is managed by the same fund manager as Franklin Biotechnology Fund OEIC, Evan McCulloch, and has the same benchmark.

The Franklin Global REIT fund, which is run by New York-based David Levy, Jack Foster and Wilson Magee, is also available through a SICAV, the firm said.