UK - Aberdeen Asset Management has sold its Guernsey ‘PCC' range of emerging market debt funds to Convivo Capital Management as part of a cost cutting drive.
Julian Adams, the fund’s current manager, will become chief executive of Convivo.
As part of the refocus, Aberdeen has appointed Colm McDonagh as head of its three person global emerging market debt team and is transferring Marcelo Saez to that team from Aberdeen’s Sydney office.
McDonagh joined Aberdeen as a senior bond fund manager in 2000.
Martin Gilbert, chief executive of Aberdeen AM, said: “Although this is a relatively small transaction, involving only some [£37m] of assets under management, it eliminates an entire specialist fund range from our overheads.
“We remain committed to emerging market debt as an asset class but we will focus our efforts on product development through other fund ranges where we offer a full suite of funds and asset classes.”
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