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...
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