Investors have voted against two fund mergers proposed by Aberdeen Asset Management as part of its ongoing rationalisation programme.
The fund house has failed to receive shareholder approval for either the merger of its Multi-Manager Diversity fund into its Multi-Manager Diversified Assets Portfolio, or the merger of the UK Flexible Strategy fund into its Multi-Asset fund.
Aberdeen had wanted to merge away the UK Flexible Strategy fund as it was “not consistent” with its own processes.
The group has been consolidating its fund range following the acquisition of Scottish Widows Investment Partnership (Swip) last year.
A spokesperson from Aberdeen said: “These proposals have not been approved so we are rethinking our [plans]”.
Separately, the asset manager has achieved 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 has also merged the formerly Swip-run £108.1m European High Yield Bond fund into its £34.8m High Yield Bond fund.
These mergers follow six other fund rationalisations that have already taken effect this summer.
