Subject to regulatory approval the Fund will be renamed LF ASI Income Focus Fund.

The £267.6 million Fund will be managed by Charles Luke and Thomas Moore, who are two highly experienced UK income fund managers.

Charles and Thomas will be supported by the 16-strong UK equity team which is led by Andrew Millington.

ASI’s priority is to reposition the portfolio as efficiently and effectively as possible for the existing shareholders.

Kristy Barr, UK distribution director at Aberdeen Standard Investments, said: “As the UK’s largest active asset manager we have a very strong focus on our UK equity franchise and this income strategy is a fantastic enhancement to our offering. The excellent long-term track records of Thomas and Charles, as well as the robustness of our research and risk processes, gives us the confidence that we can deliver the expected investment outcome for the existing shareholders as well as others looking for long-term income and capital growth.”

Andrew Millington, head of UK equities at Aberdeen Standard Investments, added: “The team and I are honoured to have been given the opportunity to act as Investment Manager of the LF ASI Income Focus Fund. We recognise the issues that may have weighed on the minds of investors in the Fund over the past months and we are resolute in our determination to turn things around for them.

“We will reposition the Fund into a focused portfolio of our favoured, liquid UK equity income names aiming to generate sustainable long-term income growth for its investors. The scale of our UK equity business means we will manage turnover of stocks to minimise costs and set the Fund on the right track for 2020 and beyond.”