Aberdeen Asset Management is changing the name of the Aberdeen UK Enhanced Equity fund to better reflect the fund’s strategy.
As of 11 September, the £898m fund will be renamed the Aberdeen UK Equity Index Managed fund.
Run by the Aberdeen quantitative investment team, the fund was launched in August 2009 and sits in the IA UK All companies sector.
The strategy aims to provide long-term capital growth by investing in equities and derivatives to replicate the FTSE 100, with the ability to use an actively managed overwriting strategy to add value when the index falls.
The fund was inherited from Scottish Widows Investment Partnership after Lloyds sold the business to Aberdeen in 2013. Last year Aberdeen cut the fund’s annual charge from 1 per cent to 0.2 per cent.
An Aberdeen spokesperson says: “The fund’s name is being changed to better reflect the strategy employed,” adding that the change differentiates the strategy from another Aberdeen fund with a similar name, and that the investment policy will be changed to make the fund’s purpose clearer.
Over one year the fund has returned 16 per cent compared to the 17 per cent sector average, FE data shows.