(Sharecast News) – Abrdn said on Tuesday that its US subsidiary has agreed to buy the assets of four closed-end funds from First Trust Advisors, adding assets under management totalling around £0.6bn.
Subject to approval by shareholders of the respective funds, the four closed-end funds will be reorganised into existing Abrdn funds.
The investment company said the deal will further strengthen its closed-end fund business, which currently has £23.8bn in AUM in US and UK listed closed-end funds, making it the third-largest manager of closed-end funds in the world.
Chief executive Stephen Bird said: “The acquisition of these four closed-end funds is another clear statement of intent from Abrdn, as we continue to focus on the areas of investing where we have global scale and competitive advantage.
“By consolidating these funds into existing Abrdn funds, we bring economies of scale. And we are adding approximately £0.6bn of assets under management to the group in a perpetual capital structure, and in asset classes where we already have strength. This transaction represents further disciplined allocation of shareholder capital that is fully aligned to our strategy.”
