Aberdeen raises £52m for LatAm Income trust

Aberdeen has raised £52m for its Latin American Income fund which starts trading on Monday.

Jointly managed by head of emerging market debt Brett Diment and head of global emerging markets equity Devan Kaloo, it is targeting an initial dividend yield of 4.25%.

The portfolio will be approximately 60% listed equities with the balance in sovereign bonds.

Equities will be mainly growth-orientated stocks, while the bonds are expected to provide much of the income.

The management fee is 1% of net assets and the trust will be listed in Jersey.

This is the second investment trust launch in recent weeks targeting developing market income.

Last month J.P. Morgan raised £104m for its Global Emerging Markets Income trust.