Funds under management at Aberdeen Asset Management have received a £660m boost following backing the takeover of a South African life assurance subsidiary.
AAM bought shares worth £10m in London-based Century Group to help it with acquisition of the Old Mutual Life Assurance Company, the UK unit of South African Old Mutual.
Century specialise in buying and integrating life assurance businesses and is making the acquisition through its subsidiary Century Life.
AAM chief executive Martin Gilbert says the new funds would be earnings enhancing, generating around £1.35m in fees and interest.
Gilbert says: “Its good news for our assets and good for our bottom line.”