The UK investment house has announced its second fund closure in a matter of months.

Kames Capital will close its European Equity fund on 3 February 2017 as part of a “rationalisation” of its offering.

“Kames is closing the fund as part of a rationalisation of our portfolio, to focus on deeper strategies where we have the scale, clarity of delivery and market penetration,” the company said in an emailed statement.

The fund, which was launched in 1985, has £12.4 million ($15.6 million) in assets under management. It has delivered a cumulative performance of 8.3 per cent over the past year and 21 per cent over three years respectively, compared to sector averages of 12.9 per cent and 25.3 per cent, according to Trustnet.

The managers of the fund, Stuart Fraser and Mark Peden, will continue to manage equity portfolios within the business.

The closure comes months after that of Kames’ American Equity fund in May.