Another Investment Trust Launch Fails

CEF TIMES: Aberdeen Asset Management fails to launch Emerging Markets Smaller Companies Investment Trust

Szymon Idzikowski 30 June, 2011 | 12:28PM

CEF News: June 22-28
Aberdeen Emerging Markets Smaller Companies: Aberdeen Asset Management has failed to raise the £150 million it targeted for its Emerging Markets Smaller Companies Investment Trust and has therefore postponed its launch until later in the year. Aberdeen cites macroeconomic uncertainty in developing nations and unrest in the Middle East as the reason for not reaching its target. This is disappointing, not least because it’s the third closed-end fund launch to be postponed in recent weeks after Schroder Opus Commodity and Invesco Global Income were also put on hold.

Aberforth Geared Income (AGIT): The company is proposing to merge with Aberforth Geared Capital & Income Trust (AFHC). It will act as a rollover option for investors in AGIT, with part or all of the balance of the AGIT portfolio being acquired for cash. Currently AGIT is trading at a very small discount of 3.38% to its NAV.

Blue Planet European Financial (BLP): The Company has increased its stake to over 5% in the Blue Planet Financials Growth and Income Investment Trust (BPFU). Both funds are run by Kenneth Murray. This is the second time within a week that we've seen BLP investing in BPFU.

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About Author

Szymon Idzikowski

Szymon Idzikowski  is a closed-end fund analyst with Morningstar.

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