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Aberdeen to sell seven unit trusts to New Star

Aberdeen Asset Management is expected to sell seven of its unit trusts to New Star Investment Funds this week in a bid to reduce mounting debt.

The deal, which was still being negotiated at the time of going to press, is likely to see New Star pay at least £60m for the funds, which have a total of more than £2bn under management and include Aberdeen&#39s biggest fixed-interest funds.

Aberdeen, which is waiting to see what, if any, punishment it will receive from the FSA for its role in the split-cap debacle, is already selling its property arm for about £130m in a deal it expects to complete shortly.

New Star is thought to be considering raising capital from existing shareholders to finance the fund buyout, which has been welcomed by IFAs.

Hargreaves Lansdown says New Star bond managers Theo Zemek and James Gledhill would benefit the fixed-interest funds while Michael Philips proprietor Michael Both says the deal suits both companies and investors.

Both says: “It is very positive for Aberdeen and New Star, which needed a good deal after failing to buy Jupiter.”

Neither Aberdeen or New Star commented.


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