18th Sep 2007 13:01
Aberdeen Asset Management PLC18 September 2007 ABERDEEN ASSET MANAGEMENT PLC Acquisition of certain US fund management businesses from Nationwide FinancialServices Global asset manager strategically enhances presence in US mutual funds Aberdeen Asset Management PLC ("Aberdeen"), announces that its wholly owned USsubsidiary, Aberdeen Asset Management Inc ("AAMI"), has reached a definitiveagreement with Nationwide Financial Services, Inc. to acquire its active USequity asset management business ("the Acquisition"). The transaction isexpected to complete on 1 October 2007. The Acquisition includes a team of portfolio managers, analysts and tradingpersonnel who specialise in investing in US equities. Further, the Acquisitionincludes a broad cross-section of US equity strategies in sub-advisory mandatesfor 30 mutual funds and variable insurance trusts amounting to US $7 billion inassets (approximately £3.5 billion), valued at 31 August 2007. These strategieswill continue to be managed by the same investment team. At 31 July 2007, 10 ofthe mutual funds had received 4- or 5-star ratings from Morningstar. The grossassets of the acquired business will be approximately US$2 million. The Acquisition, which is expected to be earnings enhancing with effect from thesecond half of Aberdeen's financial year to 30 September 2008, will: •broaden Aberdeen's US equity capability, with the addition of a highly rated team; •increase Aberdeen's distribution resources and exposure to an established US open-end mutual fund range; and •extends Aberdeen's US equity product offerings for clients worldwide. Commenting on the Acquisition, Martin Gilbert, Chief Executive of Aberdeen,said:"This transaction broadens Aberdeen's US operations with the addition of ahighly regarded equities team. The team comes with an excellent track record anda broad range of complementary US equity strategies. It continues our strategyof acquiring bolt-on businesses that enhance our product range and geographicreach, and complement the continuing strong organic growth of our existingoperations. We look forward to working with our new colleagues in the yearsahead." Aberdeen continues to enjoy healthy organic growth from net new business winsand will update investors in a trading statement to be released on 25 September. Enquiries Aberdeen 020 7463 6000Martin Gilbert Maitland 020 7379 5151Neil BennettCharlotte Walsh Notes for editors 1. Aberdeen Asset Management PLC is headquartered in Aberdeen, Scotland and is the parent company of a global asset management group. Aberdeen has been listed on the London Stock Exchange since 1991 and is today one the UK's largest independent asset managers. 2. The Aberdeen Group's business is the active management of financial assets, chiefly equities, fixed income securities and property, on behalf of clients around the world. At 31 July 2007 the Group's assets under management totaled £90.4 billion (US$183.7 billion). 3. The Group's principal investment offices are in London, Edinburgh, Singapore, Sydney and Philadelphia and these are supplemented by a number of distribution offices in Europe, Asia and USA. 4. For more information, visit www.aberdeen-asset.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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