Aberdeen suffers £2bn unit trust redemption

Scottish Provident is to withdraw £9.5bn worth of assets from Aberdeen Asset Management from the end of March, six months earlier than expected. The assets, including £2bn to be taken out of Aberdeen's unit trusts, represent almost a quarter of Aberdeen's current assets under management. They were originally to be withdrawn from the end of September 2002. Aberdeen said the redemption will not result in a cost burden on remaining unitholders within the retail funds as Scottish Provident units are being redeemed at a special cancellation price. The company said it did not believe the perf...