Aberdeen on-sells 10 Credit Suisse funds
Aberdeen Unit Trust Managers in the UK, a subsidiary of Aberdeen Asset Management, is preparing to sell 10 of the investment funds it acquired from Credit Suisse to another asset management group.
The former Credit Suisse funds have total assets of £858 million (more than $1.7 billion). The group planning to acquire the funds is Premier Asset Management, a privately owned company that manages around £1.4 billion of assets.
The funds affected under the sale are four income funds and six growth funds.
Aberdeen Unit Trust Managers will now retain 17 funds originally transferred from Credit Suisse, five conventional international equities fund and 12 multi-manager funds, all domiciled in the UK.
A statement from Aberdeen said it was “inevitable” that certain parts of the Credit Suisse business would be “less suited to integration with the Aberdeen business model”.
The remaining funds are considered to fit well with Aberdeen’s model, the group said, while the interests of investors in the income and growth funds would be better served under Premier management.
Aberdeen acquisition of various businesses from Credit Suisse included more than 190 funds in eight countries. It was a £36 billion deal.
Completion of the sale of the funds is subject to regulatory approval as well as Premier shareholder consent.
A statement from Aberdeen said it is working with Premier to effect the transition on July 31.
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