Abrdn is to merge what was once one of the largest UK investment funds into its operations as the asset manager continues apace with restructuring efforts.
Global Absolute Return Strategies (Gars) will cease operations as a standalone vehicle and be folded into one of Abrdn’s diversified asset funds, according to a report by Sky News.
The move comes as the value of Gars’ assets plummeted to £1.4bn from £27bn in May 2016.
Abrdn has been on restructuring efforts over the course of the year as the FTSE 100 firm looks to streamline operations.
In 2023, it closed the World Income Equity and UK Equity Index Managed Funds and merged its Multi-Manager Equity Managed Portfolio and Diversity Fund.
Abrdn plans to merge or close over 100 of its funds.
"The new structure simplifies our processes and facilitates a greater comparison of opportunities across asset classes rather than being focused on research within single asset classes and products,” said Abrdn’s head of multi-asset and alternative investment solutions, Russell Barlow.
"I'm confident this approach is best suited to the needs of our clients in delivering strong performance outcomes across a more relevant product range."