Aberdeen is merging away its UK Flexible Strategy fund and two other portfolios as it continues its fund rationalisation programme.
Aberdeen inherited the UK Flexible Strategy fund following its acquisition of Scottish Widows Investment Partnership (Swip) last year. Assets stood at £51.8m at the time of Mr Clunie’s departure for Jupiter, but have since dwindled to £17.9m.
Aberdeen is now proposing to merge the portfolio into its £664.5m Multi Asset fund on September 11.
The group said it will seek regulatory approval to close the fund if shareholders do not approve the plan.
Aberdeen is also to merge the poor-performing £26.9m Sterling Corporate Bond fund into the £1.3bn Corporate Bond fund run by ex-Swip manager Roger Webb.
Additionally, the formerly Swip-run £28.1m Diversified Assets fund is set to merge into the £145.6m Diversified Growth fund on the basis of their similar investment styles.
“There was overlap between the two groups’ multi-asset and fixed income ranges and our ongoing review made it clear that merging these funds would be appropriate,” an Aberdeen spokesperson said.
“We believe these mergers will create investor benefits, leading to an overall reduction in fund costs over time and help create a more clearly defined product offering.”
The proposals mark a fresh wave of consolidation at the fund house following the group’s £500m deal for Swip in 2014.
Aberdeen is already waiting on shareholder approval to merge both the ex-Swip £9.1m Multi-Manager Select Boutiques fund and the in-house Aberdeen £56.7m Multi-Manager Constellation portfolio into its £84.1m Multi-Manager Equity Managed portfolio.
It is also seeking to merge the formerly Swip-run £108.1m European High Yield Bond fund into its £34.8m High Yield Bond fund.
These mergers are set to take place on August 28, following on from six other mergers which have already taken effect this summer.
