group expected to move into institutional investment after sale of retail funds to new star
The sale of six of Aberdeen's best known and largest investment funds to New Star effectively marks the Scottish group's exit from the retail market. Aberdeen's share price fell by over 20%, from 94p to 73.5p, in the two days after the announcement last Wednesday that New Star is to buy the rights to manage six of Aberdeen's open-ended funds. These include Aberdeen Fixed Interest, its largest bond fund, and the country's largest technology fund. The terms of the deal and Gilbert's insistence Aberdeen will continue building on its equity and fixed interest expertise is a strong hint the...
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