(Sharecast News) – Abrdn has decided to combine its once-leading UK investment fund, Global Absolute Return Strategies (Gars), with other assets due to a long streak of underperformance, it emerged on Thursday.
According to Sky News, the company had made an internal announcement that Gars would cease to function as an independent entity.
The fund, which previously controlled several tens of billions of pounds, will now be incorporated into the firm’s asset portfolios.
Originally created to fill the gap in the Standard Life pension plan, Gars later expanded its ‘absolute return’ goals to include institutional and retail clients.
Sky said Abrdn had been contemplating the future of Gars for some time.
“The restructured operation simplifies our procedures, fosters a broader comparison of opportunities across different asset classes, rather than an intense focus on research within individual asset classes and products,” said Russell Barlow, Abrdn’s head of multi-asset and alternative investment solutions.
Reporting by Josh White for Sharecast.com.
