Aberdeen Asset Management says certain assets from Bank of Hawaii, the adviser for four Pacific Capital Funds, will be reorganised into existing and new Aberdeen funds.
Shareholders of the funds approved the proposal at a special meeting on 4 June.
The reorganisations are expected to take place on 12 July.
“Aberdeen is a growing global asset management group committed to building its mutual fund business in the US,” says Gary Marshall, Aberdeen’s chief executive. “This reorganisation allows us to add scale with funds that complement our existing mutual funds products. In addition to benefiting from lower ongoing expenses, the Pacific Capital Funds shareholders will gain access to Aberdeen’s established and recognized global asset management expertise. We will do our utmost to ensure a seamless transition to Aberdeen and to provide shareholders with top-class service for the future.”
The four funds that will transfer from a Pacific Capital Fund into a corresponding Aberdeen Fund are as follows:
• New Asia Growth Fund to reorganise into Aberdeen Asia-Pacific (ex-Japan) Equity Institutional Fund, increasing the fund’s assets to approximately USD195m
• International Stock Fund to reorganise into Aberdeen International Equity Institutional Fund, increasing the fund’s assets to approximately USD121m
• Small Cap Fund to reorganise into Aberdeen Small Cap Fund, increasing the fund’s assets to approximately USD285m
• High Grade Core Fixed Income Fund to reorganise into Aberdeen Core Income Fund, increasing the fund’s assets to approximately USD200m