Stout will be better known to most advisers as manager of the £1.8bn Murray International investment trust, which is also a global equity income mandate but is not impacted by the changes.
Abrdn placed about 120 funds “under review” in 2022, either because they were “subscale, inefficient or no longer aligned with our core strengths.”
The 120 funds initially placed under review accounted for about £7bn of assets under management.
A total 58 of those funds were closed or merged in 2022, and the expectation is that a further 80 will close in 2023.
FTAdviser can confirm that among those is the Abrdn World Income Equity fund.
The fund has sharply underperformed over the past three and five years, returning 27 per cent over the past five years, compared with 45 per cent for the average fund in the IA Global Equity Income sector in the same time period.
Stout has had a very cautious outlook on global developed markets and economies for more than a decade, a view which has contributed to underperformance for his funds during periods of strong equity market rallies.
A representative of Abrdn said: “Globally we merged or closed 58 funds in 2022, primarily within equities, fixed income and multi-asset.
"In 2023, we intend to merge or close a further 80 funds. As funds are merged, we minimise decline in revenue associated with these funds while improving our cost/income ratio and continuing to deliver client outcomes.”
In his recent annual report to shareholders, Abrdn chief executive Steven Bird said he is targeting fixed income and Asia as growth areas in future.