Aberdeen's Kaloo to take over Frontier Markets trust as it scraps FOFs approach

Aberdeen also investing £10m in trust

Shareholders of the £122m Aberdeen Frontier Markets investment company have voted in favour of shifting the trust from a fund of funds mandate to direct investing, while bringing in Devan Kaloo and Joanne Irvine as lead managers.

The trust previously followed a fund of funds approach run by Andy Lister and Bernard Moody who joined the group when Aberdeen acquired Advance Emerging Capital in 2015. But the new policy, which was approved at an EGM held on 14 March, will see Aberdeen's emerging market equity team aim to generate long-term capital growth from direct investment in 30 to 80 equity and equity-related securities of companies listed in, or operating in, frontier markets. The team will be led by Aberdeen's head of global emerging market equities and EM veteran Kaloo (pictured) and Irvine, head of emergin...