The PAIFs and their respective feeder funds will be merged into one PAIF and one feeder, with the larger Standard Life vehicle assuming the assets from the smaller Aberdeen one.
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According to a letter to investors, the fund house has been considering “how best to ensure that the needs of investors in both funds are met” since the merger of the two asset managers in August 2017.
The firm adds it hopes the decision will result in “a larger fund with greater diversity of both assets and investor base,” along with “long term improved performance for all investors”.
These measures were approved at an 8 October EGM, which saw more than 75% of Aberdeen fund shareholders agree to the proposal.
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Both funds will see a temporary dealing suspension “in order to reduce operational risk”, which will prevent money from entering or leaving the fund between 25 November and 29 November, before the SLI PAIF reopens with its new assets.
The funds will merge on 26 November.
From the time the funds suspended in March 2020 to the most recent data available for each portfolio, the PAIFs have seen their assets shrink by a combined £1bn, according to data from FE fundinfo.
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