Swip's active equity funds and mandates have transferred to Aberdeen Asset Management in a move that will result in the exit of the vast majority of the Swip global equity team.
Some £2.9 billion in assets have been passed over to Aberdeen, £2.2 billion of which is invested in pan-European portfolios and £0.6 billion in global equity portfolios, while the remainder has been invested in portfolios across the Americas.
'The former Swip portfolios will be managed by the relevant global and regional equity teams at Aberdeen in accordance to the group-wide investment process,' Aberdeen said.
'We are delighted these funds and mandates have been successfully transferred across to the Aberdeen equity platform. We welcome the opportunity to apply our long-standing, fundamentally-driven, bottom-up investment process across these portfolios,' Hugh Young (pictured), group head of equities at Aberdeen, added.
The transfer follows the completion of the acquisition of Swip by Aberdeen in April for £550 million. Following the deal Will Low, director of global equities, left the group alongside chief executive Dean Buckley.
Before the migration Aberdeen managed £104.4 billion in active equities.