Aberdeen Standard Investments has launched a global mid-cap fund under the management of Harry Nimmo and Anjli Shah in a "natural extension" of the firm's $7.9bn AUM smaller companies team’s mandate.
Registered for sale in the UK, Ireland, Luxembourg and Switzerland the Aberdeen Standard SICAV I - Global Mid-Cap Equity fund will target companies with an average market cap of around $9bn.
The launch of the fund was flagged by ASI in February as it announced that Nimmo would be stepping down global head of smaller companies after 27 years in the role and replaced by Andrew Paisley.
ASI noted there are currently "only a handful of funds" focused on global mid-cap firms, despite many mid-cap products with US or UK mandates.
The firm added that mid-caps make up an average of 15% of all listed companies, tend to outperform large-cap peers over the long term, and offer less risk and liquidity concerns than small-caps.
The fund will charge retail investors an annual fee of 1.5%, falling to 0.75% for institutional clients.
Nimmo said: "This new fund is the natural extension of the smaller companies franchise. Relative to large caps, mid-caps are under-researched, creating opportunities for active managers like ourselves.
"We believe this new fund is genuinely unique and offers something different for investors."
Shah added that mid-caps offer investors "access to a diverse group of companies, many of which are industry leaders in niche market segments" while demonstrating "many of the same attributes of fast-growing small-caps, but with less volatile returns".
She said: "Investors should consider an allocation to the asset class as part of their wider investment portfolio."