abrdn confirms plans to merge or close 100 funds

‘Subscale, inefficient or not aligned’

clock • 1 min read

Abrdn is merging or shuttering 100 funds in a move to save on costs, the Scottish investment house confirmed to Investment Week, as AUM at its asset management arm declined 17% in the first half of the 2022.

A spokesperson said: "We have now reviewed around 550 funds and concluded that 20% with an AUM of approximately £7bn were subscale, inefficient or not aligned with our core strengths." abrdn confirmed the funds in question would merge or close and that the move would result in "simplified fund ranges across UK and Luxembourg domiciled funds." It also said that the closures and mergers would remove any duplication and simplify its product offering and free up resources. "This programme of work will continue through the second half of this year and into the first half of 2023, result...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Investment

Multi-Asset Roadshow 2024: PA is coming to a city near you!

Multi-Asset Roadshow 2024: PA is coming to a city near you!

Join us in Leeds, Warrington, Birmingham, Bristol and London

Professional Adviser
clock 07 December 2023 • 1 min read
The firm was co-founded by MP Jacob Rees-Mogg (pictured).

Somerset Capital Management to close after SJP redemptions

Two funds to be transferred after firm shuts

Elliot Gulliver-Needham
clock 07 December 2023 • 1 min read
The report also revealed that just six holdings of a total ten hold any value, with the remaining four companies representing no value in the fund.

Remaining Woodford fund assets shrink 40% since last distribution

Just six holdings of a total ten hold any value

James Baxter-Derrington
clock 07 December 2023 • 3 min read