ABERDEEN ASSET MANAGEMENT- ?Any Future?

Aberdeen Asset Management has raised £110 million for Hugh Young’s new Asian Income fund.

The Jersey-domiciled fund, which aims to deliver a gross yield of 4.5% based on the launch share price, attracted 500 investors – including private client fund managers and fund of funds managers – for its placing and offer for subscription.

Young, managing director of Aberdeen’s Asia business and A-rated by Citywire for his management of the group’s Far East Emerging Economies and Asia Pacific unit trusts, said: ‘The level of interest in the fund has been tremendous reflecting increased investor demand for sources of income outside the traditional UK equity and bond sectors. Dividend payout momentum among Asian companies is improving, making the region one of the highest yielding in the world.’

The closed-end fund will invest primarily in Asian Pacific equities, although it will also be able to invest in Asian bonds. It will aim to actively manage its discount.