Aberdeen extends takeover spree with AEC deal

LONDON Aberdeen Asset Management said it had secured agreement to take over specialist investment manager Advance Emerging Capital (AEC), in the latest of a series of acquisitions aimed at diversifying its business and luring new investors.

The British fund firm, led by veteran investor Martin Gilbert, said on Tuesday the acquisition of London-based AEC would help to expand its offering across a wider range of strategies within the fund of closed end funds sector.

Terms of the deal were not disclosed.

AEC managed 409 million pounds in assets across a range of investment funds as June 30, the two largest of which are the Advance Developing Markets Fund Limited and Advance Frontier Markets Fund Limited. Following the transaction, Aberdeen will manage 33 closed end funds with aggregate assets in excess of 8.5 billion pounds.

The AEC team includes four investment professionals with over 50 years of combined investment experience. They will be based in Aberdeen’s London office and will be part of its Alternatives business led by Andrew McCaffery.

Aberdeen has recently completed the acquisition of FLAG Capital Management and the purchase of SVG Capital’s stake in the joint venture Aberdeen SVG Private Equity Managers. It has also agreed to buy Arden Asset Management LLC, a specialist hedge fund manager and adviser.

(Reporting By Sinead Cruise; Editing by Steve Slater)