Aberdeen Asset Management has added three new funds to its Luxembourg-domiciled fund umbrella – the Aberdeen Global Sicav.
The funds will cover emerging markets corporate bonds, ethical world equity and American smaller companies.
In a statement, the asset manager said it has secured over US$120m (€Xm) of seed money for the three funds from existing clients – $32.5m for the emerging market corporate bond fund, $54.5m for the ethical world equity fund and $41m for the American smaller companies fund. Once authorised for sale by local regulators, the funds will be actively marketed across Europe and parts of Asia.
The Aberdeen Global – Emerging Markets Corporate Bond Fund will sit alongside the firm’s blended and local currency strategies while the Aberdeen Global – Ethical World Equity Fund will be based on the existing UK-domiciled, S&P AA- rated Aberdeen Ethical World Fund.
As part of the investment process of the ethical fund, the firm’s gloabl equity team will screen companies for involvement in alcohol, tobacco, pornographic products, gambling and weaponry. If a company’s turnover in any of these areas exceeds 10% (or 5% for pornography), it will automatically be excluded from the fund’s investment universe.
The third fund to be launched on the Luxembourg platform, the Aberdeen Global –American Smaller Companies Fund, will be managed from Philadelphia by the group’s North American equity team, led by Paul Atkinson. The team will employ Aberdeen’s group-wide, disciplined, bottom-up equity investment process in managing the portfolio.
©2011 funds europe
