New Star to convert Oeic to unit trust

New Star is to convert the Aberdeen Equity Income Oeic sub-fund into a unit trust in a move to bring...

New Star is to convert the Aberdeen Equity Income Oeic sub-fund into a unit trust in a move to bring the fund in-house. The fund is the only Oeic sub-fund among the six portfolios New Star has now bought from Aberdeen for £86.76m. Rob Page, marketing director at New Star, said as an Oeic sub-fund, Equity Income is still technically owned by Aberdeen, which remains the authorised corporate depository, with New Star the fund's adviser. New Star has put a scheme of arrangement in place for the fund to be converted into a unit trust, at which point it will assume ownership. The fund carri...