Aberdeen raises $500 mln in liquid hedge fund

LONDON, Aug 28 (Reuters) - Aberdeen Asset Management (Other OTC: ABDNF - news) has raised $500 million in a new fund that provides exposure to a selection of hedge fund managers and offers investors a chance to invest or take out their money on a daily basis.

Such funds, known in the $3 trillion hedge fund industry as liquid alternative funds, are relatively cheaper, more liquid and provide better transparency than a traditional hedge fund, which makes them more attractive to retail investors.

"This style of investment is becoming more popular among investors concerned about the current levels of equity and fixed income markets and the potential for more correlation between asset classes in the future," Aberdeen said in a statement.

The launch marks a push by the emerging markets-focused money manager into the alternatives industry, which included the recent purchase of U.S (Other OTC: UBGXF - news) . hedge fund investor Arden Asset Management. (Reporting by Nishant Kumar; editing by Simon Jessop)