Aberdeen Asset Management has announced its acquisition of Arden Asset Management, in an effort to boost its hedge fund capabilities both in London and New York.
The deal is subject to approval from the Financial Conduct Authority and is set to go live towards the end of the year.
Aberdeen has been steadily building its alternatives offering – in May the firm announced the acquisition of Flag Capital Management, a manager of private equity and real asset solutions. Once both these deals come to fruition, Aberdeen will have $30 billion (€27.4 billion) in alternative assets under management.
This acquisition should go some way in taking the sting out of Aberdeen’s recent disappointing results, which were largely due to exposure in emerging markets.
The firm is keen to tap into the liquid alternatives market in the US, as well as generally gaining more traction in the largest investment market in the world.
Martin Gilbert, chief executive officer, Aberdeen, says: “The acquisition of Arden emphasises further Aberdeen’s commitment to diversifying its overall business and to growing its alternatives platform.”
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