ASI Japanese Growth Equity will close on 13 December 2021, following the fund’s largest investor recently redeeming “the majority of their shareholdings”, which has left the fund in a state that may leave investors with “compromised investment performance and proportionally higher costs”.
The fund will close to investors from 29 November and the process of liquidation will begin on 6 December.
ASI Financial Equity will close on 29 November 2021, as a result of the fund not attracting “the levels of inflows anticipated” combined with a “gradual decline in its net asset value”.
As of August 2021, the fund had slipped to £53m in assets, which abrdn stated has left the fund “no longer…commercially viable”.
The fund will close to investors from 15 November and the process of liquidation will begin on 22 November.
Investors in either fund who do not redeem their fund holdings or transfer them to another abrdn product will automatically have their capital transferred to the ASI Sterling Money Market fund, which holds an annual management charge of 0.2%.
Expenses incurred by the closure of the funds will be met by abrdn, with “transaction costs involved in liquidating the assets of the fund” the only exception.
These announcements bring the fund closure tally over the past seven days to four, with the ASI Diversified-Core Growth and ASI Target Return Bond funds comprising the other two.
The asset manager’s two property funds – Aberdeen UK Property and Standard Life Investments UK Real Estate – were merged last week under a single £1.7bn umbrella.