Aberdeen to Start Asian Short-Term Local-Currency Debt Fund

Aberdeen Asset Management Plc will launch a fund that will invest in local-currency short-duration Asian bonds, the company said in a release emailed to media today.

The fund, to be managed by the fixed-income team in Singapore, will focus mainly on sovereign bonds across as many as 10 countries in Asia, excluding Japan, the release said.

Anthony Michael, who manages $6.4 billion as head of Asia- Pacific fixed income at Aberdeen Asset in Singapore, will head the new fund.

“Asian currencies are undervalued and will appreciate over time,” he wrote in the release. “China is often singled out, but at any given moment other countries’ currencies may be appreciating faster.”

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net.

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