22nd Aug 2007 13:48
Aberdeen Asset Management PLC22 August 2007 Aberdeen Asset Management PLC ("Aberdeen") is pleased to announce theacquisition, subject to regulatory approval, of Sutherland Holdings Limited("Sutherland"), the principal asset of which is a 50.1% interest in GlasgowInvestment Managers Limited ("Glasgow"). Aberdeen will also acquire, subject toregulatory approval, the remaining 49.9% interest in Glasgow from Shires Incomeplc. The total consideration, to be satisfied in cash, for the resultant 100%interest in Glasgow will be £6.25m plus the value of net tangible assets,estimated at £2.7 million. Glasgow manages three investment trusts, Glasgow Income Trust plc, Shires Income plc and Shires Smaller Companies plc, and also manages funds on behalf of a number of institutional clients. Total assets under management at 31 July 2007 were approximately £429 million. The Glasgow investment team, led by Iain Lynn, will be joining the Aberdeen Group and will ensure continuityof management of these mandates. Commenting on the transaction, Martin Gilbert, Chief Executive of Aberdeen,said: "We are delighted that Iain Lynn and his team have agreed to joinAberdeen. They have demonstrated good performance over a long period, theymanage well-established funds and they have a very strong relationship withtheir clients. We have a long-established strategy of using selectiveacquisitions to complement our rapid organic growth and these trusts representan exciting addition to the range of investment companies under our management.The acquisition of Glasgow will further strengthen our UK equity capabilitiesand enhance Aberdeen's position as a leading manager of closed end funds." Whilst global equity and bond markets have been volatile in recent weeks,Aberdeen remains focused on its philosophy of investing in good quality assetsin order to deliver long term outperformance. The diversity of the Group'sinvestment capabilities and assets under management, which have negligibleexposure to the sub-prime mortgage-backed instruments perceived to be at theroot of the recent market volatility, means the Group continues to enjoy healthy organic growth through net new business wins. Contact: Martin Gilbert, Aberdeen01224 631999 Neil Bennett, Charlotte Walsh, Maitland020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ADN.LASCI.LShires Inc.TIGT.L