abrdn closes Listed Private Capital fund as part of consolidation push

investmentweek.co.uk:

Since inception in 2018, the fund returned 67.7%, according to data from Morningstar Direct.

The fund, which closed on 20 September, stopped accepting new investments on 27 June.

In a letter to investors, Quilter said the fund had not «attracted the levels of investment abrdn anticipated at its launch», leading to a «gradual decline in its value over the past few years».

Since its inception in 2018, the fund returned 67.7%, according to data from Morningstar Direct. It held around £50m in assets at the time of its closure.

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Manager Andrew Lister left the firm at the end of last year to join Lazard Asset Management as a director and portfolio manager for its Global Discounted Assets strategy.

The fund invested in listed private equity, with its largest holdings including KKR, Apollo Global Management and 3i Group.

The cost of implementing the closure were borne by the fund and were estimated to be about 0.3% of the fund's value.

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An abrdn spokesperson said: «As outlined last year, we are in the process of merging or closing over 100 funds which are subscale or not aligned with our core strengths.

»The consolidation programme is reducing duplication, simplifying our product offering, freeing up resources and will deliver a product set that is better aligned to our key strengths and to client demands.

«We have already made good progress and expect the work to complete over the coming months.»

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