Aberdeen Investments has reached an agreement with Herald investment trust (HRI) and US activist Saba Capital to become manager of HRI and offer two thirds of shareholders the opportunity to exit the trust.
After months of uncertainty around the future of the £1.4bn trust, Aberdeen will become the manager of the trust with the incumbent long-serving investment manager Katie Potts set to remain in charge of the day-to-day management of HRI. Herald Investment Management's funds will come under Aberdeen's management, including the Herald Worldwide Technology fund, adding a combined £1.6bn of assets under management (AUM) to Aberdeen. Potts will join Aberdeen, along with seven other staff, who will all relocate to Aberdeen's London office. She said the team's focus will remain "firmly on t...
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