REG - abrdn PLC - Agreement to acquire assets of 4 Closed-End Funds

AberdeenAnnouncement

24/10/2023 09:30

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RNS Number : 1145R  abrdn PLC  24 October 2023

24 October 2023

abrdn enters agreement to acquire the assets of

four closed-end funds from First Trust Advisors L.P.

 

abrdn plc today announces that its U.S. subsidiary, abrdn Inc., has entered
into an agreement with First Trust Advisors L.P. to acquire the assets of four
closed-end funds listed below, adding AUM totalling approximately £0.6bn*.

 

Subject to approval by the shareholders of the respective funds, the four
closed-end funds will be reorganised into existing abrdn funds.

 

The transaction will also further strengthen our closed-end fund business,
which currently has £23.8bn** in AUM in US and UK listed closed-end funds,
making abrdn the third largest manager of closed-end funds in the world.

 

Stephen Bird, abrdn CEO, said;

"The acquisition of these four closed-end funds is another clear statement of
intent from abrdn, as we continue to focus on the areas of investing where we
have global scale and competitive advantage. We are already the third-largest
manager of closed-end funds globally, and this marks the third acquisition we
have done in this space over the past 12 months.

 

"By consolidating these funds into existing abrdn funds, we bring economies of
scale. And we are adding approximately £0.6bn of assets under management to
the group in a perpetual capital structure, and in asset classes where we
already have strength. This transaction represents further disciplined
allocation of shareholder capital that is fully aligned to our strategy."

 

ENDS

 

 

 Acquired Fund                                                                Acquiring Fund
 Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income      abrdn Global Infrastructure Income Fund ("ASGI")
 Fund ("MFD")
 First Trust High Income Long/Short Fund ("FSD")                              abrdn Income Credit Strategies Fund ("ACP")
 First Trust/abrdn Global Opportunity Income Fund ("FAM")***
 First Trust Specialty Finance and Financial Opportunities Fund ("FGB")       abrdn Total Dynamic Dividend Fund ("AOD")

 

 *    The reorganisations will be subject to the approval of the shareholders of the
      transferring funds and are expected to be completed in the first quarter of
      2024. AUM figure as of October 2023.
 **   As of 17 July 2023, and includes completion of Tekla.
 ***  abrdn Inc. is the investment sub-advisor to FAM providing portfolio management
      services.

 

 

 

 

Enquiries:

  Media

 Andrea Ward                                  +44 (0) 7876 178 696
 Institutional Equity Investors and Analysts

 Sarah Moody                                  +44 (0) 7721 679 892

 Corbin Chaplin                               +44 (0) 7774 332 428

 

LEI: OTMBS544NMO7GLCE7H90

 

Notes to editors

About abrdn

·    abrdn is a global investment company that helps clients and customers
plan, save and invest for the future. Our purpose is to enable our clients to
be better investors.

·    abrdn manages and administers £496bn of assets for clients (as at 30
June 2023).

·    Our strategy is to deliver client-led growth. We are structured
around three businesses - Investments, Adviser and Personal - focused on their
changing needs.

·    The capabilities in our Investments business are built on the
strength of our insight - generated from wide-ranging research, worldwide
investment expertise and local market knowledge.

·    Our teams collaborate across regions, asset classes and specialisms,
connecting diverse perspectives and working with clients to identify
investment opportunities that suit their needs.

·    As at 30 June, our Investments business manages £368bn on behalf of
clients - including insurance companies, sovereign wealth funds, independent
wealth managers, pension funds, platforms, banks and family offices.

 

About First Trust

 

First Trust is a Chicago based investment firm established in 1991 with
c.$190bn AUM in ETFs, mutual funds, and CEFs. The firm is a private
partnership.

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