It has been reported that Baillie Gifford is closing three funds from its Irish UCITS fund range - the Worldwide Global Strategic Bond fund, Worldwide European High Yield fund and Worldwide Sustainable Emerging Markets Debt fund - and the UK OEIC Emerging Markets Bond fund.

The closure of the funds comes as Baillie Gifford prepares to lay off dozens of its 2,000 staff with the fixed income, client services and back office departments likely to be most impacted.

According to letters to shareholders seen by Investment Week, the Worldwide European High Yield and Worldwide Global Strategic Bond funds are due to close on 29 February 2024, while the Worldwide Sustainable Emerging Markets Debt and UK OEIC Emerging Markets Bond funds are due to close on 22 April 2024.

A spokesperson from Baillie Gifford said: “As part of our regular business planning, we consider how to reduce our expenditure. However, our partnership structure ensures we can continue to invest in growing areas of the business while pursuing excellent long-term returns for our clients.”