Aberdeen UK Smaller Companies is set to merge with a JPMorgan trust, consolidating two UK smaller companies investment vehicles in a move that will reshape the sector’s fund landscape.
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Fewer funds, fewer jobs, fatter bonuses. Brilliant.
Two mediocre funds become one mediocre fund. Costs fall for the managers. Fees stay for you. Staff get a tidy synergy-shaped exit. Small caps get a manager who cares about them roughly as much as a call centre cares about your complaint. Give it three years: one more merger, one more “strategic review”. The City consolidates until there’s nobody left to blame.
Reshaping the sector? Show me the fee schedules.
Two UK funds, one bigger leak. Inspiring.
Remember the last “sector-reshaping” tie-up of two small-cap trusts? Announced with trumpets, dead in committee within a year. This one will actually complete — different appetite, identical arrogance. Aberdeen’s holders get a polite letter; JPMorgan gets the assets. Nobody asked them. Consolidation looks immaculate from the boardroom. The rubble always lands in someone’s pension.
