Aberdeen Standard Investments has taken over the administration for several of the investment trusts it manages after merging two years ago.
The company is replacing the previous provider Maven Capital Partners on the Standard Life Private Equity Trust, the Aberdeen Standard Equity Income trust, and the Harry Nimmo managed Standard Life UK Smaller Companies trust, as announced on the stock exchange this morning (August 29).
Investment trusts have independent boards of directors who appoint an investment manager and company to provide administrative services, often the same company.
Aberdeen Standard's move could benefit investors if it works out cheaper than the previous deal.
By providing both the investment management and the administrative work Aberdeen Standard Investments can increase the revenue it receives from the trusts.
The statements said: “The board would like to thank Maven for its support to the company over recent years.”
No reason was given for the change, which is effective from September 6.
Standard Life Aberdeen is the result of a merger of the fund management companies Aberdeen Asset Management and Standard Life Investments in March 2017.
The shares of the company have fallen from £3.17 to £2.46 today.
The company's half year results, covering the first six months of 2019, showed the company's profits fell by 10 per cent to £280m, while assets under management were £577bn, an increase of 5 per cent on the same period the previous year.
The increase in assets under management was helped by £5bn of assets gained from acquisitions by its advice arm.