Aberdeen Asset Management on Tuesday said that shareholders approved the reorganization of the 26 Nationwide mutual funds it acquired last October. They are now called the Aberdeen Funds.
The deal added $2.2 billion in assets for Aberdeen, an asset management company in the Philadelphia suburb of West Conshohocken, Pa. that oversaw more than $46 billion in total assets as of the first quarter. All 26 funds retain the same portfolio managers except for the Nationwide Tax-Free Income Fund, which is being sub-advised by Credit Suisse.
Aberdeen is a wholly-owned subsidiary of UK-listed Aberdeen Asset Management PLC, an independent asset management company with more than $213 billion in assets under management.