Aberdeen Asset Management Inc (Aberdeen) has announced the acquisition of Arden Asset Management LLC (Arden), in a bid to expand its hedge fund and alternatives offering, subject to FCA approval.
Arden is a London and New York based hedge fund specialist that creates and manages hedge fund portfolios across the liquidity spectrum. It’s clients include corporate and state pension plans, sovereign wealth funds, global bank platforms and retail investors.
Commenting on the transaction, Martin Gilbert, chief executive of Aberdeen Asset Management PLC, said: “Institutional investors are looking to hedge fund solutions to offer risk/return profiles not available via mainstream strategies and traditional asset classes. The acquisition of Arden emphasises further Aberdeen’s commitment to diversifying its overall business and to growing its alternatives platform. The deal significantly strengthens our hedge fund solutions capability and expands our global client base. Arden’s liquid alternatives platform in the US is particularly attractive as it provides investors with exposure to a portfolio of hedge fund-like strategies but importantly offers daily liquidity.”
Commenting on the transaction, Averell Mortimer, CEO & chairman of Arden, adds: “We are thrilled to be joining Aberdeen, a leader in the global asset management industry. The deal creates a combined hedge fund platform with international reach overseen by an experienced team of investment and operational professionals. Becoming part of Aberdeen will enable us to share ideas and best practice that will assist in continuing to build on our proven track record of developing customized hedge fund and liquid alternative solutions for clients worldwide.”
Aberdeen aims to close the transaction by the end of 2015, the combined hedge fund team will consist of 30 professionals managing $11bn (€10.3bn) in assets.