Aberdeen Asset Management has sold two offshore funds and closed another as part of an ongoing drive...
Aberdeen Asset Management has sold two offshore funds and closed another as part of an ongoing drive to focus on its core business and reduce debt.
The group has closed its £3m Dublin-domiciled American Growth portfolio and returned the cash value of clients' investments. Gary Marshall, marketing director at Aberdeen, said the fund has been wound-up because it was uneconomic for both the group and clients.
Aberdeen has also sold the management rights of its two Guernsey-domiciled emerging market debt funds to manager Julian Adams. The management buyout sees Adams leave the group to head up a new venture, Convivo Capital Management. Aberdeen has taken a small stake in Convivo as part of the deal.
The funds were non-Ucits vehicles with assets of £37m. Their sale means Aberdeen no longer has any Guernsey-domiciled portfolios.
Aberdeen still has a £33m Luxembourg-domiciled emerging market debt fund, which is Ucits compliant, upon which the group will now focus its marketing energies, according to Marshall.
Colm McDonagh has taken over as head of emerging market debt in Aberdeen's London office following the departure of Adams and Marcelo Saez, an Asian emerging market debt specialist has transferred over from the group's Sydney office to strengthen the team.
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