Aberdeen to close ailing split fund

Aberdeen Asset Management is to close down one of the worst performing funds in the market, the £1.3...

Aberdeen Asset Management is to close down one of the worst performing funds in the market, the £1.3bn Fund of Investment Trusts, managed by head of closed-end funds Chris Fishwick. It has returned -72.3% over the 12 months to 4 November, offer to bid, compared to a UK equity income sector average of '18.8%, to rank last in a field of 82. The fund, which invested in income shares of split-capital trusts, will be merged with the Aberdeen Fixed Interest unit trust, on 6 December, almost a year after the original scheduled date. It sold the last of its income share holdings last week and...