Subject to approval by the shareholders of the respective funds, the four closed-end funds will be reorganised into existing abrdn funds.

The transaction will also further strengthen our closed-end fund business, which currently has £23.8bn in AUM in US and UK listed closed-end funds, making abrdn the third largest manager of closed-end funds in the world.

Stephen Bird, abrdn CEO, said: “The acquisition of these four closed-end funds is another clear statement of intent from abrdn, as we continue to focus on the areas of investing where we have global scale and competitive advantage. We are already the third-largest manager of closed-end funds globally, and this marks the third acquisition we have done in this space over the past 12 months.

“By consolidating these funds into existing abrdn funds, we bring economies of scale. And we are adding approximately £0.6bn of assets under management to the group in a perpetual capital structure, and in asset classes where we already have strength. This transaction represents further disciplined allocation of shareholder capital that is fully aligned to our strategy.”