UK-based Aberdeen Investments is set to acquire MFS’ management of closed-end fund assets worth £1.5bn ($2bn). The deal will combine nine MFS funds and one Aberdeen CEF into two active CEFs, including a municipal bond fund with $1bn AUM and a multi-sector fixed income fund with $1.4bn AUM. Aberdeen’s Jonathan Mondillo will manage both funds. No employees or entities will be transferred in the acquisition. Aberdeen Group CEO Jason Windsor expressed excitement over the acquisition, aiming to boost the US closed-end fund platform and strengthen the Wealth and Investment group. Aberdeen Investments, a global asset manager, manages about £382bn for clients. Christian Pittard, managing director, highlighted the scale and expertise the enlarged funds will bring, with a focus on growth opportunities. MFS, a pioneer in US mutual funds, chose Aberdeen for this agreement. Earlier in August, Aberdeen Group agreed to divest its financial planning unit to Ascot Lloyd.

Read more at Yahoo Finance: Aberdeen Investments to acquire $2bn CEF assets from MFS