13th Jul 2009 10:04
Aberdeen announces sale of some of the former Credit Suisse funds to Premier
Aberdeen Asset Management PLC has agreed the sale of the management contracts for two OEIC fund umbrellas containing 10 open-end funds to Premier Asset Management Group Limited for a cash consideration of £23 million. Completion of the transaction is subject to regulatory and shareholder consent. These former Credit Suisse funds have total assets of some £858 million (as at 8 July 2009).
The 10 funds formed part of the £36 billion of assets transferred to Aberdeen as part of its acquisition of various businesses from Credit Suisse, including over 190 funds domiciled in eight different countries. Having identified that the nature of these funds made them less suited to integration into the Aberdeen business model, Aberdeen concluded that the interests of investors in these funds would be better served under Premier's business model.
ENDS
For further information, please contact:
Tom Roberts
Maitland
020 7379 5151
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