Advisors May Not be Allocating Enough Effort to Target Millenials

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¿Qué quita el sueño a los asesores financieros?
Photo: Moyan Brenn. Advisors May Not be Allocating Enough Effort to Target Millenials

New data released by Hartford Funds suggests that there is significant opportunity for financial advisors to better engage their young clients. Survey results uncovered that most advisors report not proactively pursuing the ‘Millennial’ generation as potential clients, despite identifying as prospects the individuals that fall into that category. Findings also revealed that advisors expect client risk aversion to nearly double in the next 12 months, continuing an upward trend.

When asked how much they focus on attracting Millennial clients, 56 percent of advisors said “less than other age groups” or “not at all.” However, 70 percent reported that they target clients in their late-twenties and early- to mid-thirties. Further, the majority (63 percent) of financial advisors who say they’re not targeting Millennials at all are also pursuing prospects in this age group.

“The term ‘Millennial’ has become a buzzword in financial services, being discussed constantly by financial firms and advisors. However, our survey suggests a disconnect when it comes to understanding who falls into this Millennial category,” said Bill McManus, Director of Strategic Markets at Hartford Funds. “In an attempt to filter noise, many advisors might be missing valuable insights for attracting their younger client targets.”

When asked about retirement, 71 percent of financial advisors plan to work for at least 16 more years, and 53 percent plan to work for more than 20 years. Despite the desire to continue offering financial advice beyond 2030, these advisors overwhelmingly are not focused on attracting Millennial clients. More than half of advisors who plan to work for more than 15 more years target Millennials less than any other age group or not at all. Similarly, 51 percent of advisors who plan to work for more than 20 years are also targeting Millennials less than any other age group or not at all.

“When factoring in career longevity, there is even greater concern that many advisors aren’t intentionally engaging Millennial clients. Advisors who plan to work for at least two more decades need to thoughtfully engage their younger clients in order to grow along with their needs,” McManus continued. “Millennials will reach critical planning milestones in the coming ten years and require support in navigating the market and reaching their goals.”

When discussing client risk aversion, advisors expect a significant rise in the coming 12 months. Continuing a steady upward trajectory, 57 percent of financial advisors expect clients to become more risk averse in the next 12 months, up 22 percent from 2014 (35 percent) and up 40 percent from 2013 (17 percent).

“Because advisors foresee greater risk aversion among clients in the coming months, they are in the unique position to help maintain focus on the bigger picture and minimize clients’ tendencies to make emotionally-driven investment decisions,” McManus added. “Particularly as the market and investors anticipate a rise in interest rates, it will be critical for advisors to help clients manage through potential market adjustments.” The data underscores that the majority of financial advisors (57 percent) place market volatility at the forefront of the issues that keep them up at night; interest rates follows in second (51 percent) and international turmoil and its impact on markets follows in third (46 percent). Financial advisors appear to be unanimously less concerned by clients’ anxiety about saving and investing (42 percent), while only 32 percent of financial advisors are worried about attracting the next generation of clients. Concerns about inflation come in last, with only nine percent of financial advisors noting this as an area of worry.

For its third annual Advisor Anxiety Survey, executed by Hartford Funds during June of 2015, Hartford Funds spoke with more than 100 financial advisors about their anxieties as well as attitudes and practices regarding Millennial clients, individuals born roughly between 1980 and 2000.

Robeco and RobecoSAM Awarded Highest Scores In Latest United Nations PRI Assessment

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Robeco Group and RobecoSAM have announced that they have been awarded A+ scores by the United Nations-supported Principles for Responsible Investment (UN PRI) for their overarching approach to responsible investment. Of the 681 investment managers that are signatories of the UNPRI, only 16% received A+ scores for their overarching approach. Robeco has been a signatory of the UNPRI since 2006, RobecoSAM since 2007.

Roderick Munsters, CEO of Robeco: “I am delighted that Robeco has achieved A+ scores for all the different modules assessed by the UN PRI. It is testimony to our approach to Sustainability Investing; we were one of the first larger asset managers to make Sustainability Investing a strategic priority over a decade ago, and today Sustainability Investing is one of the strategic pillars of our 2014-2018 strategy. The high scores we have been awarded for all the modules confirm our leadership in Sustainability Investing across all asset classes. I’m convinced that the importance of sustainability investing will continue to increase and that our expertise in this area will continue to benefit our clients and us.”

Michael Baldinger, CEO of RobecoSAM: “We are proud to have been awarded such outstanding scores by the UN PRI. RobecoSAM has shaped the Sustainability Investing landscape over the past 20 years and these strong results reflect our unwavering conviction that financial analysis without ESG integration is incomplete. Our focus over the last two decades has helped us develop A+-rated knowledge, tools and best practices which are of benefit to both current and future clients. “

Although RobecoSAM’s scores are partly reflected in Robeco’s group score, the company was also assessed separately since it is a UN PRI signatory in its own right.

Most Latino Business Owners Expect to Pass Business on to a Family Member

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El 80% de los latinos dejará su negocio a un miembro de su familia
Photo: ben . Most Latino Business Owners Expect to Pass Business on to a Family Member

According to a new study by Massachusetts Mutual Life Insurance Company (MassMutual), research from the 2015 MassMutual Business Owner Perspectives Study revealed that 80 percent of Latino respondents expect to pass their businesses on to a family member – most often a child. However, 37 percent of those individuals said their chosen successor may not even know about this succession plan.

For Latino business owners, the aspiration to live the American Dream is no different, but the definition of success may be broader, encompassing their ability to care for and support extended families, friends, and their communities. The study reported they feel a strong sense of responsibility to their families and communities but tend to lack financial confidence and knowledge to put plans in place to ensure they can continue to provide for them.

“Latino entrepreneurs are strongly interconnected with their businesses, community and families,” said Dr. Chris Mendoza, Latino Markets Director, MassMutual. “Without the proper financial knowledge and preparation, Latino business owners are inhibited from fully realizing and protecting their dreams.”

Latino-owned businesses are growing at double the national rate, according to the U.S. Census, are generally younger and more likely to take community into account when making business decisions.

Only half of the Latino business owners surveyed have a formalized plan in place (a buy-sell agreement) to protect themselves for an untimely death; even fewer have a buy-sell agreement in place for disability; Protecting the business (35 percent) and family (37 percent) are the primary motivators for having these plans in place, yet an unforeseen illness or injury could jeopardize their ability to meet that goal.

While Latino business owners are ahead of their general population peers, when it comes to succession planning (49 percent of Latinos vs. 41 percent of the general population have a succession plan), only about half of the Latino business owners surveyed have any type of succession plan in place; Eighty percent said they will pass the business on to a family member – most often a child. However, 37 percent of those individuals said their chosen successor may not even know he/she is the successor (significantly higher than 23 percent of the general population).

Forty percent don’t have any retirement savings plan outside of their businesses and either plan to continue receiving income from the business post-retirement or will use the proceeds from the sale of the business to fund their retirement; Latino business owners are significantly more likely than the general population to say they plan to retire but haven’t given it much thought, and few (only 12 percent) say they plan to retire in the next five years, driven by the younger average age of Latino business owners; They are more likely to leave the business to a family member or relative (80 percent vs. 65 percent of the general population) and much less likely to sell the business to a key employee (9 percent vs. 14 percent of the general population).

Deutsche AWM Hires Pascal Landrove in Build Out of Its Private Bank

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Deutsche AWM Hires Pascal Landrove in Build Out of Its Private Bank
Foto: ChristianFraustoBernal. Deutsche AWM ficha a Pascal Landrove como managing director y SRM de su negocio de banca privada en México

Deutsche Asset & Wealth Management (Deutsche AWM) has announced that Pascal Landrove has joined the Bank as a Managing Director and Senior Relationship Manager for Mexico. Based in Geneva, Landrove reports locally to Matthias Musch, Head of Wealth Management, Latin America within Switzerland and directly to Felipe Godard, Head of Wealth Management, Latin America.

“We have been focused on strategically building out our Private Bank in Latin America, and believe Pascal will play a significant role in expanding our business in Mexico,” said Godard. “His deep, local relationships and extensive experience will help grow Deutsche’s Wealth Management platform’s market share in the region.”

Landrove has over 15 years of wealth management experience, and joins the Bank from Lombard Oddier, where he spent seven years as a Managing Director and Relationship Manager, covering Mexico. Prior to Lombard, Landrove spent over a decade at UBS, where he spent most of his tenure covering Latin America as a Relationship Manager and Desk Head for Mexico.

Over the past year, Deutsche AWM has expanded their private banking presence in several key markets including Latin America, the West Coast, Texas, and Miami. Earlier this year, Dessy Arteaga joined the Bank as a Senior Relationship Manager, Santiago Trigo joined as the Head of Central America, Andean and Southern Cone regions, and most recently, Francesca Boschini joined as an International Wealth Planner with a focus on Latin America.

Other private bank hires have included Lee Hutter, who was appointed Head of the US Western region last September, and Mark Laroe, who was hired to start the Dallas Private Banking office. In addition, Deutsche AWM hired private banking teams in New York, Chicago and Los Angeles throughout 2014.

Sareb Senior Executive Joins DebtX in Europe

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Sareb Senior Executive Joins DebtX in Europe
Foto cedidaPhoto: geographie, Flickr, Creative Commons. Sareb Senior Executive Joins DebtX in Europe

DebtX, the largest marketplace for loans, has announced that Luis Martin, a Spanish banking executive with more than 25 years of financial services experience, has joined DebtX as a Senior Advisor in Europe.  

Martin, a recognized leader in the Spanish banking and real estate community, will work with institutions to reposition their balance sheet and reduce non-performing loans. Most recently, Martin was a Member of the Board and the Head of Transactions at SAREB, Spain’s national bad bank. In that role, he had direct responsibility for over $30 billion of loan sales and executed most of the largest loan sales in Spain over the past two years.

“Luis Martin is a highly respected banking and real estate executive who brings extensive knowledge of the Spanish market, its key players, and the loan sale process,”said DebtX Managing Director Gifford West, head of DebtX’s international operations. “Luis deepens the DebtX team and expands its ability to serve financial institutions throughout Europe, where DebtX has been valuing and executing loan sales for the past eleven years.”

Previous to joining Sareb, Martin was Chairman and CEO of BNP Paribas’s real estate consulting firm in Spain. In this role, he had direct responsibilities on the servicing and property management of more than 7,000 residential units and 500,000 square meters of commercial properties. He participated in many real estate investment transactions exceeding more than €500 million and asset management responsibilities over more than €400 million through BNPP Real Estate Investment Management.

“As we enter the next phase of bank restructuring, Spanish banks will examine all of their non-performing and non-core positions with the goal of maximizing proceeds,” Martin said. “DebtX is best positioned to establish an efficient market for these loans and create liquidity and transparency for Spanish banks. Once these banks have removed these assets from their balance sheets, they will be positioned to originate more loans and drive the Spanish economy.”

DebtX is the largest secondary commercial and residential loan trading platform in Europe and the United States. DebtX works with banks and governments to create liquid markets for commercial and residential loans. Buyers of loans sold at DebtX include institutional investors around the world.

deVere Group Names Peter Hobbs as Chairman

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deVere Group, one of the world’s largest independent financial advisory organizations, has named Peter Hobbs as its Chairman. Mr Hobbs joined deVere Group’s Board of Directors in June 2013 in a non-executive role. He was previously a former director of Generali International and Generali Pan Europe and ultimately responsible for the Generali Group’s strategic innovation programs and developments in more than 60 countries worldwide.

Effective immediately in his new position, his primary focus will be working with Nigel Green, deVere Group’s founder and chief executive, and Beverley Yeomans, the Chief Operating Officer, to effectively guide, review and further develop the Group’s global strategy and business plans.

Of the appointment, CEO Nigel Green, comments: “In a stellar international financial services industry career, Peter has enjoyed a long list of key accomplishments and, clearly, he has an abundance of top level experience. He has a robust record in managing and leading organizations, a thorough regulatory understanding of the sector and, through his role as a non-executive director, a strong empathy with our culture and commitment to serving clients. We’re thrilled he has decided to take on the role of deVere Group chairman.”

Commenting on his Chairmanship, Peter Hobbs affirms: “deVere Group has grown substantially over the last few years to become one of the largest financial advisory companies of its kind. Since joining the Board I have seen the organisation’s management adapt and take advantage of the challenges and opportunities companies of its size and type face in respect of both the market and regulatory challenges.

New sources of business and revenues through organic growth, including the examination of the value chain, and acquisitions of brands like Acuma and Workplace Solutions are bringing greater diversity, and the Group will further capitalise on the exciting business opportunities that will present themselves over the coming years. Many challenges remain, but with the prudent deployment of future capital, linked to a disciplined approach to corporate governance and marketing initiatives, I would expect the Group to continue its successful upward curve.”

Freeze Frame: When Will the US Move Following Last Weeks’ 9-1 Vote?

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October, December or 2016? Following the 9-1 vote to keep US rates at the same level they have been for almost seven years, near zero, speculation has started as to when a rate hike may occur. Here, portfolio managers from across BNY Mellon boutiques discuss the 17 September decision and outline what they think may happen next.

Opinions are somewhat divided as to whether or not the US Federal Reserve will raise rates in the final months of 2015 or if this has been pushed back into 2016.

More data, particularly employment figures, is needed to assure members of the Federal Reserve the US economy is on a strong footing, says Sinead Colton, head of investment strategy at Mellon Capital, part of BNY Mellon. Volatility in China, the strengthening of the US dollar and weakness in commodities were other concerns the Fed cited post its decision to keep rates near zero, Standish’s co-chief investment officer, Raman Srivastava notes (Standish is also part of BNY Mellon).

Srivastava believes the base case remains for a hike this year, either in October or December, although he notes the market appears to have less faith a rate rise is a surety this year, pricing in a lower probability of it occurring. Robert Bayston, Standish managing director of US rates and securitized strategies, says the Fed’s statement appears to indicate committee members expect appropriate policy to include at least one rate hike in 2015.

Colton believes a December rate rise is likely. She says: “While unemployment has come down, wage growth has slowed and long-term unemployment remains significantly above historical averages, raising the question of whether a reasonable amount of slack may still exist in the labor market. The last thing the Fed wants to do is raise rates too soon and reverse the progress the economy has made over the past six years. Also, the strong dollar has already provided a de facto tightening of policy that’s restraining growth somewhat. Nevertheless, the US is still the engine of global growth so any dollar weakness in the immediate aftermath of the announcement is likely to be temporary.”

Todd Wakefield, senior managing director at The Boston Company Asset Management (TBCAM) – part of BNY Mellon, notes the Fed has had policy tightened on them by a 15% movement in the trade-weighted dollar over the past year. “They would really like to have some bullets to shoot to fight off the next recession, but they also recognize the potential drag that the tightening that’s already occurred may be placing on the economy.”

Contrarily Peter Hensman, global strategist at Newton, is of the belief US interest rates will remain lower for longer. He notes the Fed has been continually pushing back the date of ‘lift off’ for rates and believes the global backdrop is far more challenging than the Fed would like to believe. Hensman believes lower growth from China and the decline in the oil price may drag on global growth and prolong existing disinflationary pressures.

Cliff Corso, North America CEO at Insight (part of BNY Mellon) notes that while the Fed’s decision was not a surprise given recent volatility, he agrees with Wakefield that the Fed needs room to move. “It wouldn’t be great if a recession hit with rates at zero and the Fed had to try a whole new round of experiments. Equally importantly is to engineer a much flatter yield curve on the way to tightening. The economy is most levered to intermediate and longer term maturities, rather than the front end, so keeping the long end under control is critical in a hiking cycle. A flatter yield curve and higher rates are not bad for risk assets. In five out of the six tightening cycles that have taken place since 1988, risk assets performed well throughout the cycle. We believe as long as rates are rising for the right reasons – meaning a stronger economic recovery and inflation that is not out of control – the outlook for risk markets is not bad.” A rate rise due to improving economic conditions has historically been supportive of both equities and credit spreads, he adds.

Alcentra’s managing director and global head of high yield, Chris Barris also believes a 2015 hike is still probable. He says from the perspective of a sub-investment grade debt investor, the Fed’s September decision and the language used, was benign, balanced and prudent. “Sub-investment grade credit including high-yield has historically responded well to initial rate hikes. Also, while the Fed lowered its projections for 2016 GDP from where they had been in June, we see the new projections as still being constructive for this asset class.”

Srivastava notes the biggest initial reaction following the Fed’s decision came on the front end of the yield curve where there was a drop in rates. He says indications are the market now expects only two and half rate hikes by the end of 2016. “That means the market continues to believe the Fed will be extremely gradual. If there is near term stability in China and commodity prices as well as a weaker dollar, it will leave the door open for a Fed rate hike yet this year assuming employment trends continue.”

Given the intense speculation that surrounded the September meeting, even though rates were unchanged, market reactions have been closely watched. Japan’s market closed slightly down while European markets opened on the 18th slightly lower.

Wakefield says: “Investors do not like uncertainty and that dislike creates the potential for volatility. Until the Fed starts to normalize and investors see reduced uncertainty, potentially we’re going to see increased volatility.”

Srivastava says he is concerned about how the Fed’s decision and the dollar sell-off impacts other major banks such as the European Central Bank (ECB) and the Bank of Japan (BoJ). He believes it could pose a dilemma for Europe where quantitative easing is under way and the euro is rallying. “Continued dovishness from the Fed may mean the ECB and BoJ will need to become even more dovish and they’ll need to determine that soon.”

Corso also adds that the decision not to move risks keeping uncertainty in the market and increases the possibility that the Fed’s “data dependency” more seriously weighs global markets in addition to US data. “This shift raises the concerns that the Fed is now led by the market and can be held hostage by equity market volatility. Given this, there is a risk volatility remains elevated as investors attempt to game out when the Fed will move. The Fed eventually needs to decide the risks of not moving exceed the risks of moving. We believe the US economy is rapidly approaching that point if it has not already,” he concludes. 

Curtis Arledge, CEO of BNY Mellon Investment Management, says: “A zero rate environment has created some challenging dynamics in the way that money moves in the banking system. The Fed doesn’t want to hurt the recovery, but they also don’t want rates at zero. They were looking forward to September being the first chance to raise rates above zero, but markets didn’t cooperate.

If the Fed believes a rate hike could potentially create volatility, they’re more likely to do it at a time when they think the markets and the economic recovery could weather the storm. I think everybody is watching what happened in China and watching S&P futures move up and down substantially and concluding the market feels spooked. I think they want to raise rates and not be viewed as creating uncertainty in the marketplace.

It’s become a much more data-driven Fed and one that’s much more sensitive to what’s going on in emerging markets and sensitive to market volatility. Members of the Fed understand they’ve created a market environment that is unusual and they want to be as thoughtful as possible about the way they get out of that.”

The High Yield Bond Market Has Trebled in Size in The Last 10 Years

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El mercado de deuda high yield se triplica en 10 años
CC-BY-SA-2.0, FlickrPhoto: Chris Bullock, credit analyst at Henderson and co-manager on the Euro Corporate Bond Fund and Euro High Yield Bond Funds. . The High Yield Bond Market Has Trebled in Size in The Last 10 Years

High yield bonds have been a staple of US portfolios for more than thirty years, and the trends that have led to a large and well-developed US market are beginning to establish themselves elsewhere as companies increasingly turn to high yield bonds as a source of funding.

This growing global supply creates greater choice for investors at a time when demand for high yield bonds is also increasing because of the favourable risk/return and yield characteristics of the asset class.

High yield bonds are corporate bonds that carry a subinvestment grade credit rating. They are typically issued by companies with a higher risk of default, hence the higher yields. Henderson believe the following factors combine to make high yield bonds an attractive investment:

  • Growing and globalising market
  • High income in a low yield world
  • Low sensitivity to the interest rate cycle
  • Default rates expected to remain low
  • Significant opportunities for credit selection
  • A growing and globalising market

As the table shows, the high yield bond market has trebled in size in the last 10 years and, geographically, is becoming more diverse. “In part, this reflects a more confident and established market, as well as companies increasingly turning to the high yield bond market after banks cut back on lending following the financial crisis”, points out Chris Bullock, credit analyst at Henderson and co-manager on the Euro Corporate Bond Fund and Euro High Yield Bond Funds.

Today, the high yield market comprises a vast range of companies from household giants such as Tesco, Heinz and Telecom Italia through to small and medium-sized companies that are raising funding through bond markets for the first time. This creates an attractive and expanding mix of issuers that can reward strong credit analysis.

High income in a low yield world

High yield bonds continue to offer an attractive income pick-up.

Yields in many fixed income sub-asset classes are still close to historical lows despite recent rates market volatility. Yields have been driven by low global central bank rates combined with quantitative easing (QE). In the first half of 2015 alone, 33 central banks cut interest rates, while the ECB embarked on its €60bn-a-month quantitative easing programme.

From a risk-return perspective, high yield bonds are typically seen as occupying the space between investment grade bonds and equities. As the chart shows, over the last 15 years, high yield bonds have outperformed investment grade corporate bonds, government bonds and even equities, with less volatility than equities. The high income element in high yield bonds has been a valuable component of total return.

Past performance is not a guide to future performance.

David Steyn Appointed as CEO and Chairman of the Management Board of Robeco

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David Steyn, nuevo CEO de Robeco tras la salida de Roderick Munsters
CC-BY-SA-2.0, Flickr. David Steyn Appointed as CEO and Chairman of the Management Board of Robeco

Robeco today announces the appointment of Mr. David Steyn (1959) as Chief Executive Officer and Chairman of the Management Board of Robeco Groep N.V. (‘Robeco’) as of 1 November 2015.

David Steyn has over 35 years of international experience in asset management, in management, distribution and investment roles. Previously David Steyn was in charge of strategy at Aberdeen Asset Management plc and chief operating officer and head of distribution at AllianceBernstein LP, based in London and New York. He studied law at the University of Aberdeen.  

David Steyn, said: “I am honored to be given the opportunity to become part of an asset manager with such a strong heritage and reputation. I am looking forward to building Robeco further on a continuing path of excellence, meeting the evolving needs of clients around the world.

Dick Verbeek, Chairman of the Supervisory Board, said: “The Supervisory Board has given positive advice to the shareholders, because we believe that David is an excellent candidate for CEO of Robeco to continue the growth path. I’m confident that we can count on David’s long and proven track record in asset management to lead Robeco and benefit from the opportunities that will arise in the global asset management market in the years to come. On behalf of the entire company, I would like to extend him a warm welcome.”

Makoto Inoue, President and Chief Executive Officer of ORIX Corporation and member of Robeco’s Supervisory Board, said: “I am delighted to welcome David Steyn to Robeco. I am convinced that together with the members of the Management Board and staff at Robeco he will be able to accelerate Robeco’s growth ambitions globally while continuing to deliver great results for clients.”

The appointment of David Steyn is subject to formal approval by the relevant Dutch authorities. Once the regulatory approval has been obtained, David Steyn will work closely together with Roderick Munsters, whose departure was announced earlier this month, to ensure a smooth transition.

Aberdeen To Acquire Advance Emerging Capital To Expand Its Alternatives Capabilities

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Aberdeen Asset Management has announce that an agreement has been reached with Advance Emerging Capital Ltd whereby Aberdeen will acquire 100% ownership of AEC.

AEC is a London based specialist investment manager with nearly two decades of experience managing portfolios of primarily closed end, but also open end, fund-of-fund vehicles. As of 30 June 2015, the company managed £409 million across a range of investment funds. The two largest vehicles that the team manages are Advance Developing Markets Fund Limited and Advance Frontier Markets Fund Limited, both of which are closed end. Following the transaction Aberdeen will manage 33 closed end funds with aggregate AuM of over £8.5 billion.

The AEC team includes four investment professionals with over 50 years of combined investment experience. They will be based in Aberdeen’s London office and will be part of the Group’s Alternatives business which is led by Andrew McCaffery. This step will provide the opportunity to expand the offering globally, across a wider range of additional strategies within the fund of closed end funds sector, when combined with the broader Aberdeen Alternatives capability. The team will be independent of Aberdeen’s direct equity and fixed income teams. In line with Aberdeen’s fee policy, the AEC funds will not be double-charged on any Aberdeen funds held in the portfolios.

Martin Gilbert, chief executive at Aberdeen Asset Management, comments: “The acquisition of Advance Emerging Capital brings to Aberdeen a dedicated and highly experienced fund management team, expands further our closed end fund business and adds to the range of alternative investment capabilities we already offer. AEC investors will benefit from the management team being part of a larger, independent asset manager and the ability to draw on the Group’s established distribution and operational expertise in regard to closed end funds.”

Andrew Lister, Co-Chief Investment Officer, Advance Emerging Capital, comments: “Aberdeen is an investment house we have immense respect for, and with which we share a similar investment philosophy and appreciation of the benefits of the closed end fund structure. We are therefore delighted to be joining them, where we will continue to implement our current strategy and process with significant additional support provided by Aberdeen’s Closed End Funds team and the operational infrastructure that comes with being part of a FTSE 100 company. Sitting within Aberdeen’s rapidly growing Alternatives business will, we believe, enable us to share ideas and best practice to the benefit of our existing investors.”