Manulife Mutual Funds announced Thursday its intention to terminate the Elliott & Page European Fund.

In a statement, Manulife said the decision to close the fund was due to its small volume of assets under management. As of April 30, the fund held less than $4 million in assets under management.

“This latest change is part of our ongoing efforts to manage costs and streamline our product offering, while strengthening our position in the marketplace,” said Eric Grove, vice president of investment funds of Manulife Financial.

The fund will close effective December 15. Prior to this date, investors will have the option of either redeeming or transferring assets, at no cost, into an alternative Manulife fund.

Assets remaining in the Fund after December 15, will be transferred automatically into the Elliott & Page Money Fund.

A notification letter has been sent to unitholders informing them of this termination.