The asset management arm of London-listed Legal & General said the fund no longer made financial sense.

Legal & General Investment Management is closing its £15.7 million ($24.3 million) Global Environmental Enterprises fund.

A spokesperson for LGIM said the fund, which invests in global companies producing solutions to energy and environmental issues, was “no longer financially viable”. Over the past year, the fund has delivered a cumulative performance of 2.8 per cent, compared to the IA Global sector average return of 9.1 per cent, according to FE Trustnet.

Following closure on 6 November 2015, the fund's assets will be liquidated and proceeds returned to shareholders, unless investors choose to put money in another LGIM fund.

LGIM recently launched a fund range, covering both pre-retirement and in-retirement investment, to suit the new British pension landscape.