Aberdeen opens three new Lux funds
Aberdeen Asset Management (AAM) has opened three new Luxembourg-domiciled funds, giving investors access to emerging markets corporate bonds, global equities adhering to environmental, social and corporate governance rules, and small cap US equities.
The new Luxembourg-domiciled SICAV funds have already secured backing of $120m, and are due to be marketed across the EU and in some parts of Asia, subject to regulatory approval.
The first of the new fund range, the Aberdeen Global – Emerging Markets Corporate Bond fund, will be managed by AAM’s emerging markets debt team led by Brett Diment.
It is aimed at investors hoping to tap into emerging market corporate bonds, which make up about 20% of the global corporate bond market. The firm said the market is appropriate for a wide range of investors, due to its size, liquidity, and dedicated research platforms.
The Aberdeen Global – Ethical World Equity fund meanwhile is based on the Group’s existing UK-domiciled, S&P AA-rated Aberdeen Ethical World fund.
Holdings will be screened for involvement in alcohol, tobacco, pornographic products, gambling and arms. Turnover that exceeds 10% (or 5% for pornography) in any of those areas will lead to exclusion from the investment process. Firms will also be analysed on an ESG basis, said AAM. The fund will be managed by the group’s global equities team in Edinburgh, led by Stephen Docherty.
Aberdeen’s final offering in the new fund series is the Aberdeen Global – American Smaller Companies fund.
It will invest in smaller US firms the investment manager expects to grow in the wake of sector recovery since the beginning of 2009. The fund’s strategy will nonetheless follow a bottom-up approach to protect against risk, said AAM. It will be managed from Philadelphia, led by Paul Atkinson.