Aberdeen CEO: We will soft-close Asia Pac funds 'sooner rather than later'

Aberdeen CEO Martin Gilbert has raised the prospect of closing the group's Asia Pacific equity funds in the near future after admitting it "cannot cope" with soaring inflows.

The group revealed this morning in its interim results that the Asia Pacific equity segment - home to funds such as the £2.6bn Asia Pacific fund run by Hugh Young (pictured) - has seen £3bn in net new business over the past six months. Gilbert suggested the soaring Asia Pacific inflows are becoming unsustainable, mirroring the activity seen on Aberdeen's global emerging markets (GEM) equity range. Last month the group introduced an initial 2% charge on its European and UK-domiciled GEM equity funds and closed its US-domiciled GEM equity range. "[The GEM closure] has had a significa...