Why This Insurer's $30-Billion Move Is Good For Aberdeen's CEFs [Forbes]
ABRDN PLC UNSP ADR (SLFPY)
NASDAQ:AMEX Investor Relations:
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Source: Forbes
This special situation is intriguing because no one in America is talking about it. That's because it comes from across the pond, in the UK. Specifically, I'm talking about one of the UK's biggest insurers, Phoenix Group, pulling £22 billion (US$30 billion) from asset manager Aberdeen Group plc (SLFPY) , reportedly to manage these funds in-house Aberdeen's name might ring a bell if you're a CEF Insider member, as we've held the firm's funds in the past. It's one of the world's largest closed-end fund (CEF) managers. The move comes as Aberdeen has been suffering from poor performance, negative headlines and slipping analyst sentiment. You can see that in the performance of two of Aberdeen's international CEFs, the abrdn Global Premier Properties Fund (AWP) , in purple below, and abrdn Global Infrastructure Income Fund (ASGI) (in orange). Both have flopped in relation to a benchmark international ETF, in blue, in the last five years: (The company rebranded from “Aberdeen” to
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