Aberdeen to Increase Mutual Fund Assets Pending Reorganization of Two U.S. Equity Funds
PHILADELPHIA, Oct. 6, 2011 /PRNewswire/ -- Aberdeen Asset Management Inc. ("Aberdeen"), adviser for Aberdeen Funds, today announced that shareholders of certain Credit Suisse funds, currently managed by Credit Suisse Asset Management, have approved a reorganization into new Aberdeen Funds at a special meeting on October 3, 2011. The reorganizations are expected to close on October 10, 2011.
"Aberdeen is a growing global asset management company and we are committed to building our mutual fund business here in the U.S.," said Gary Marshall, Aberdeen's CEO. "U.S. Equity is a core, central component to that business and we are delighted to build it out in this manner. We look forward to showcasing our capabilities in this area to the incoming shareholders: we will do our utmost to ensure a seamless transition to Aberdeen and to provide shareholders with top-class service for the future."
Subject to certain closing conditions, the two funds, representing approximately $339 million in assets as of Oct. 5, 2011, are anticipated to reorganize into a corresponding Aberdeen Fund on October 10, 2011 as follows:
- The Credit Suisse Large Cap Blend Fund (approximately $273.5 million in assets) will be reorganized into the Aberdeen U.S. Equity I Fund. In conjunction with the closing of the reorganization, the Fund's name will change to the Aberdeen U.S. Equity Fund.
- The Credit Suisse Large Cap Blend II Fund (approximately $65.6 million in assets) will be reorganized into the Aberdeen U.S. Equity II Fund.
"We believe that our new fund shareholders will benefit from Aberdeen's global equity investment process which is defined by proprietary, fundamental research. Our process is an excellent pathway to identifying what we think are the most attractive opportunities presented by the market's sharp Q3 declines," said Paul Atkinson, Aberdeen's Head of North American Equities.
The sale of these funds is in line with Credit Suisse Asset Management's broader strategy of ensuring that product offerings are focused on its core competencies and can continue to achieve scale. Credit Suisse's Asset Management division remains committed to its retail mutual fund platform in the U.S.
Aberdeen manages or services approximately $45 billion in assets on behalf of North American and international clients through mutual funds, private placement funds and separate accounts as of June 30, 2011. Aberdeen Funds ranked #6 out of 57 fund families based on its mutual funds performance during 2010 in a Lipper/Barron's Fund Families Survey.
Aberdeen Asset Management Inc. is the wholly-owned U.S. subsidiary of Aberdeen Asset Management PLC, a global investment management group which is headquartered in Aberdeen, Scotland, and manages more than $290 billion of assets for both institutions and private individuals as of June 30, 2011. The group employs over 1,800 staff across 23 countries worldwide.
Aberdeen Funds were ranked number six among 57 fund families for the year ended Dec. 31, 2010. The survey, issued by Barron's and Lipper, ranks investment managers in five separate categories, which are: domestic equity, world equity, mixed equity, taxable bonds and tax-exempt funds. Each fund's returns, which are adjusted for 12b1-fees and do not include sales charges, is measured and ranked against its respective Lipper peer group, and then asset-weighted to determine overall rankings. For additional information on the survey, please visit www.aberdeen-asset.us.
Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a prospectus, or download a prospectus at www.aberdeen-asset.us. Please read the prospectus carefully before investing any money. Investing in mutual funds involves risk, including possible loss of principal.
Aberdeen Asset Management is the marketing name in the U.S. for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Management Investment Services Ltd, Aberdeen Asset Management Ltd and Aberdeen Asset Management Asia Ltd (collectively, the 'Aberdeen Advisers'). Each of the Aberdeen Advisers is wholly owned by Aberdeen Asset Management PLC.
"Aberdeen" is a U.S. registered service mark of Aberdeen Asset Management PLC.
Aberdeen Funds are distributed by Aberdeen Fund Distributors LLC, 1735 Market Street, 32nd Floor, Philadelphia, PA 19103, Member FINRA and SIPC.
SOURCE Aberdeen Asset Management Inc.