Untitled Document ABERDEEN GLOBAL TECH FUND
(Fundsupermart.com) Aberdeen Asset Management Plc announced that it has sold six of its UK unit trusts to New Star, a UK-based mutual fund house. The sale includes the UK-listed Aberdeen Global Technology Unit Trust. One of the largest technology funds in the world, it is also the underlying fund of the Aberdeen Select Global Technology Fund sold here. With the change, Singapore investors' money will no longer be invested in the UK-listed fund. Their investments will still be put into a global portfolio of technology stocks, but the portfolio will now be managed by Aberdeen's London technology desk headed by Ben Rogoff, as well as Aberdeen Asia's team of managers based in Singapore.
Patrick Corfe, a director at Aberdeen Asia, declines to provide details on how the fund will be jointly managed by Aberdeen's London and Singapore managers, but says Aberdeen Asia will now have influence over how the fund is invested. He adds that the change also means Singapore investors can expect lower expense ratios because the fund no longer needs to pay expenses on the UK-listed fund. The unit trust as at 16 Jan 2003 was valued at about $250 million.
The move to jointly manage the fund is a coup of sorts for the Aberdeen Asia team which recently sent three of its managers to London to head up Aberdeen's UK equities desk after the British managers were given the pink slip for underperforming.
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