Aberdeen Asset Management has made a series of changes to three funds, liquidating a natural resources offering and overhauling the strategy of a bond portfolio.
The $13.5 million Aberdeen Global Fixed Income fund is to be renamed as Aberdeen Global Unconstrained Fixed Income fund, effective August 15, and will now invest in all fixed income asset classes within any sector, maturity or quality.
This change will see it invest more heavily in corporate bonds and securities rated BBB and lower.
The fund will also have a new benchmark, the Bofa Merrill Lynch 3-Month US Treasury Note Index, instead of the Barclays Global Aggregate Bond Index.
Maximilien Macmillan and James Athey will replace Neil Moriarty and Emma Jack on the management section of the portfolio’s prospectus, but the latter two managers will remain on the fund and have the same responsibilities as they previously had.
The changes in the prospectus reflect the fact that Macmillan and Athey are more closely involved in running the unconstrained strategy, according to an Aberdeen spokeswoman.
According to documents filed with the Security and Exchange Commission by Aberdeen, the move was necessary as the fund was deemed unviable in the long-term due to its small size.
Aberdeen Asset Management has $402.9 billion in assets under management, as of June 30.