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Aberdeen to merge away six former Swip funds

Aberdeen to merge away six former Swip funds

Aberdeen Asset Management has continued its integration of Scottish Widows Investment Partnership (Swip) by proposing to merge away several Swip funds.

The asset manager has written to clients asking for permission for merge the funds with their equivalent Aberdeen vehicles on July 10.

Aberdeen said the proposal was “the next step in a process of product range rationalisation”, following the acquisition of Swip in 2014.

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The firm said it wanted to reduce the proliferation of funds under its management umbrella and to generate efficiencies by combining similar funds to create more cost-effective products.

Aberdeen had already replaced the management teams across the Swip range, with the equity funds to be merged all being run by the same management teams as the funds into which they are being merged.

The mergers affect a range of equity funds, as well as the Aberdeen Sterling Credit Advantage fund, which will merge into a newly-created fund, Aberdeen Sterling Opportunistic Corporate Bond.

The Aberdeen Global Equity fund will merge into the Aberdeen World Equity fund, the Aberdeen European Ex-UK Equity fund into the Aberdeen European Equity fund and the Aberdeen Northern American Equity fund into the Aberdeen North American Equity fund.

The Aberdeen UK Opportunities Equity fund will be merged into the Aberdeen UK Equity fund while the Aberdeen UK Small Cap Equity fund is set to be merged into the Aberdeen UK Smaller Companies fund.