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Aberdeen merges funds

Aberdeen is merging three UK bond funds to create a 93m globally invested fixed interest vehicle.

The portfolio, which will be managed by Anthony Fletcher, will focus on investment grade corporate bonds but has the freedom to hold sub-investment grade and emerging market debt.

The newly badged Aberdeen corporate bond will also be able to make use of different investment strategies, including global credit and interest rate overlays.

The fund is being formed out of the 7.5m Aberdeen gilt income trust and two legacy DWS portfoliosthe 77.3m corporate bond plus and 8.8m corporate bond funds.

Fletcher ran the two DWS mandates and Chris Langford the gilt income trust and he will focus on managing institutional funds.

Fletcher says: “There is a growing recognition that to achieve consistent strong returns in the current environment, investment parameters need to be widened to capture alpha opportunities that are available elsewhere in the world. For instance, by investing in global investment grade credit, we are able to take advantage of mispricing ano-malies. Through the use of derivatives we are then able to hedge out any unwanted interest rate and currency risk in overseas credit.”

The fund will now sit within the UK corporate bond sector and have an initial charge of 4.25 per cent and a 1 per cent annual charge. Minimum investment is 500.


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