Aberdeen launches onshore Latin America fund

Aberdeen Asset Management has launched an onshore Latin America fund, run by Devan Kaloo and the group's emerging market team.

The fund, which launched on Friday, will be similar in style to the Luxembourg-domiciled Global Latin America Equity fund. It follows on from the Latin American Income trust launched by the group in the middle of last year, which raised around £50m. However, the income trust also contained a 40% weighting to bonds, whereas the new fund will be a pure equity fund. The Global Latin America Equity fund has delivered 127.3% over five years, against a return of 105.7% from its offshore peer group. It is currently 64% invested in Brazil and has a 26.3% weighting to financials. Comment...