René Buehlmann, CEO of investments at abrdn, said that merging away the Global Absolute Return Strategies (GARS) was a "very difficult" decision, but a necessary one because the strategy was no longer fit for purpose in the current market environment.
At its peak, GARS was one of the largest funds in the IA Target Absolute Return (TAR) sector, reaching £26.8bn assets under management. When it closed, the fund held £857m in assets, according to data from FE fundinfo. It was decided that the once-mighty fund would cease operating as a standalone product and instead merged into the company's diversified asset funds. Buehlmann said that while it was a tough decision, the macroeconomic backdrop had changed so much that GARS was no longer a competitive offering. "We were convinced that this was not the right product any longer for the...
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