ICAP Funds will merge its ICAP Discretionary Equity Fund into its ICAP Equity Fund, according to an SEC filing.

The Discretionary fund has just $9 million in assets under management, while the Equity fund has $793 million.

Chicago-based ICAP also offers two other mutual funds, the ICAP Select Equity with $469 million and ICAP International with $110 million.

The fund's board of directors approved the move in mid-May.  

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