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Tekla Funds Acquired by abrdn

@TheShadow knows everything about fund changes! The old Hambrecht and Quist (until 1999), and then the Tekla is Capital Management healthcare CEFs have been acquired by a bigger closed-end operation, the former Aberdeen, now known as the vowel-less mouthful, abdrn. (Is this name progress?) I was a fan of HQL, until ETFs made it much easier to do sector investing. HQL and HQH, like many beleaguered CEFs, had to adopt a generous distribution policy to offset the persistent discounts. As a result, these sector funds became something much more akin to equity-income funds. Volatility remained a problem, however.

I'm curious to know if the lynchpin of TCM, Daniel Olmstead, who started his career at Merck while doing his PhD, is motoring on into retirement or if a more unpleasant departure is in store. OTOH, maybe the buyout has terms favorable to current management. This post is pure wonk, if anyone has read this far…

Comments

  • @BenWP,

    Thanks for the compliment! Here is a news release from Tekla.

    https://www.teklacap.com/news/tekla-capital-management-llc-announces-proposed-transaction.

    Here is an excerpt from that article:

    ...Following the proposed transaction, the Funds will continue to be managed in accordance with their existing investment objectives and strategies, by the same team of Boston-based investment professionals pursuing the same investment philosophy and employing the same investment process that has served the Funds well through the years...

    Not sure whether this helps, but it does state that it will continue to be managed by the same team of professionals.

    Any changes may occur once the reorganization is complete.
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