The Invest & Give Fund, the fund set up by a number of the UK's largest asset managers to donate money to charity, is to be wound up.

The fund was introduced with a 2.25 per cent annual cost, 0.6 per cent of which was to be donated
to the Prince's Trust charity, but has been forced to close just over a year after launching.

Launched in July 2009, the fund's size stood at just £1.1 million at 24 August 2010.

A statement on the fund's website revealed that the fund was being wound up after failing to generate significant investment and was unviable.

A spokesperson said, 'We are obviously disappointed by this result but the decision has been taken with the interests of investors at heart and in consultation with the depositary, The Royal Bank of Scotland.

'The cost of running an unviable fund would become disproportionate with a consequent impact on performance.'

Donations made through the fund were also aimed to benefit from Gift Aid, the first fund to do so, contributing a further 28p for every £1 donated.

It aimed to offer investors the potential to grow savings using a multi-manager strategy, under North Investment Partners manager John Husselbee.

According to data from Financial Express, the fund was a fourth quartile performer in the IMA Balanced Managed sector over one year and had underperformed the sector average.

The initial charge was set at 2 per cent  and the fund had an annual management charge of 0.95 per cent, minimum investment was £1,000.

The fund was supported by 12 asset managers, including: Artemis, Aviva Investors, Axa Investment Managers, BNY Mellon, F&C, Ignis, Invesco Perpetual, Investec Asset Management, JP Morgan, Martin Currie, Old Mutual and Threadneedle.