Aberdeen acquires London-based investment manager

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Aberdeen Asset Management has acquired London-based investment manager Advanced Emerging Capital for an undisclosed sum.

The acquisition of AEC, which managed £409m of funds as of 30 June, will boost Aberdeen’s assets under management to over £8.5bn.

The AEC team includes four investment professionals who will be based in Aberdeen’s London office and become part of the asset manager’s Alternatives business, which is led by Andrew McCaffery.

The AEC funds will not be double-charged on any Aberdeen funds held in the portfolios.

Aberdeen says: “This step will provide the opportunity to expand the offering globally, across a wider range of additional strategies within the fund of closed end funds sector, when combined with the broader Aberdeen Alternatives capability.”

Chief executive Martin Gilbert says: “The acquisition of Advance Emerging Capital brings to Aberdeen a dedicated and highly experienced fund management team, expands further our closed end fund business and adds to the range of alternative investment capabilities we already offer.

“AEC investors will benefit from the management team being part of a larger, independent asset manager and the ability to draw on the Group’s established distribution and operational expertise in regard to closed end funds.”

The acquisition comes in the same month Aberdeen agreed to buy platform and discretionary fund manager Parmenion Capital Partners.

The platform has £1.9bn in assets under management and delivers services to 900 adviser firms.