Aberdeen Asset Management is alive with offshore activity, launching a technology fund in Luxembourg ...
The new Luxembourg fund, which will be an addition to the Aberdeen Global Fund Range Sicav, will be modelled on the UK-based Aberdeen Technology Unit Trust, a fund that has lead its sector performance over five years and since its inception in 1982.
The move is indicative of Aberdeen's positive technology outlook. The company cites the doubling of internet traffic every 100 days and the forecast that business-to-business e-commerce will reach $1 trillion by 2002 as reasons to expand the activities of their technology team in this way.
Gary Marshall, head of sales and marketing, said: "Aberdeen Global fund range is marketed in Asia and throughout Europe and gives international investors the opportunity to capitalise on our investment expertise in this asset class. So far we have only seen the beginning of the technology revolution. The potential for growth is enormous."
The launch date is 29 February. There is an initial 6% charge on 'A' shares and an annual charge of 1.75%.
The minimum investment is $1,500 and commission can be up to 4%.
In a separate offshore move, Aberdeen is set to become the largest independent fund manager in Ireland if its acquisition of a Dublin-based institutional fund manager goes through.
Subject to regulatory approval, the purchase of ESB Fund Managers will lift Aberdeen's total funds under management in Dublin to IR£2.25bn.
Most of ESB's IR£700m business comes from the ESB Superannuation fund. However, the company also runs an exempt pension unit trust and five charity funds.
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