Aberdeen to merge 10 funds within global fixed income range
Aberdeen Asset Management is to merge a series of offshore funds based within its global fixed income range.
A spokesperson for Aberdeen confirmed to International Investment that it is to merge together ten of its funds, eight based in Luxembourg and two based in Dublin and trim the global fixed income range down to five funds overall.
As a result of the mergers the company will now domicile all of the funds affected from its Luxembourg headquarters.
Of the Luxembourg-domiciled mergers; the US$14m Aberdeen Global II – Emerging Europe Bond fund is merging into the US$168m Aberdeen Global – Emerging Markets Local Currency Bond fund, the £40m Aberdeen Global – Select High Yield Bond fund into the €1bn Aberdeen Global – Select Euro High Yield Bond fund and the €38m Aberdeen Global II – Euro High Yield Bond fund is merging into €1bn Aberdeen Global – Select Euro High Yield Bond fund.
With the firms Dublin-domiciled range, the £116m Select International Bond fund will be merged into the Luxembourg-domiciled €1bn Aberdeen Global – Select Euro High Yield Bond. The Dublin-domiciled £35m Select Global Sovereign Bond fund will also be merged into the Luxembourg-domiciled $1.6bn Aberdeen Global – Select Emerging Markets Bond fund
Confirming the move, Aberdeen Asset Management spokesperson said: “The mergers are part of a project to rationalise Aberdeen’s fixed income fund range”. Investors in the affected funds have been notified of the company’s plans.
This story first appeared on International Investment