Investec Group’s U.S. fund management unit, Investec Asset Management U.S. Ltd, is seeking to liquidate three funds and merge them with two other funds in the firm’s lineup of products, according to a proxy statement filed with the Securities and Exchange Commission.

The firm is seeking shareholder approval to merge its internet.com Index and Wireless World funds with the Investec Wired Fund and the Asia New Economy Fund with the Asia Small Cap Fund. The firm is also seeking to rename the merged Asian funds.

The firm wants to merge the funds in order "to provide a more stable base for management," according to the filing. As of Sept. 30, the internet.com Index Fund had $3.7 million in assets and posted a negative 69.47% year to date return, according to Investec. The Wireless World Fund had $10.5 million and posted a negative 54.08% year to date return. If shareholders approve the merger, both funds will be added to the Wired Index Fund, which holds $70.7 million and which has posted a negative 41.35% year to date return.

"The merging funds asset bases are decreasing and the Wired Fund’s ratio of expenses to net assets for the most recently completed fiscal year is lower than those of the merging funds," said Royce Brennan, president of Investec Asset Management, in a letter addressed to shareholders.

As of Sept. 30, the Asia New Economy Fund has approximately $3 million in assets and has posted a negative 32.52% year-to-date return, according to the firm. The Asia Small Cap Fund has about $11 million and had returned a negative 12.60% as of Sept. 30.

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