MSC Trustees has been selected by global investment manager abrdn to assume trusteeship and responsible entity duties across its Australian fund book.

The book comprises 10 registered funds and $1.5 billion funds in management and the appointment will commence from the start of the upcoming financial year.

In a media release from MSC Trustees on Tuesday, it said the selection reflects abrdn’s decision to move from internal trusteeship to external independent trusteeship in Australia and follows the fund manager recently entering into a strategic partnership with SG Hiscock & Company for wholesale distribution for abrdn’s international funds in the Australian market.

abrdn will continue to manage eight funds, covering a range of strategies encompassing regional and global equities (developed and emerging markets), global credit, multi asset and alternatives. SG Hiscock has assumed investment management of abrdn’s two Australian equities funds.

There will be no change in investment strategy, process or team for the abrdn or SGH Funds, nor will there be any change in fees and costs, withdrawal or application processing or client service team.

While the custody and administration of abrdn’s international funds will continue to be serviced by Citibank, the SGH Australian equity funds will be serviced by Apex Group in line with other SG Hiscock managed funds.