Aberdeen's Jersey-based Asian Income fund managed by Hugh Young has raised £110m during its offer pe...
Aberdeen's Jersey-based Asian Income fund managed by Hugh Young has raised £110m during its offer period, which closed on 16 December 2005.
The London-listed vehicle aims to provide an initial gross yield of 4.5%, paid twice a year. The group is looking to grow the dividends over time.
Young said: "Asia Pacific companies have successfully restructured since the regional crisis. Balance sheets are stronger, cash generation has improved and businesses are more focused. Dividend payout momentum is improving, making Asia Pacific one of the highest yielding regions globally.
"The fund will provide investors with the opportunity to diversify their sources of income from the traditional UK equity, fixed income and property sectors."
The closed-ended vehicle pays a 1% annual management fee to Aberdeen.
Young will manage the fund using the same process and style as Aberdeen's other Asia portfolios and stocks will be selected from higher yielding companies held in the group's other portfolios.
His offshore Asia Pacific fund has achieved top quartile performance in its S&P sector in each of the last five years.
According to research by CLSA, $69bn of dividends are likely to be paid out by Asian companies in 2005, which is around twice as much as in 2003.
Aiming for initial yield of 4.5%.
Income fund run by Hugh Young.
Fund has London listing.
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