Aberdeen Asset Management has completed the deal to buy US fund management house Artio Global Investors.
Aberdeen has paid consideration of $179.7m (£118.3m) in the acquisition. This is based on a price of $2.75 per share and is a premium of $46.3m over Artio’s unaudited net asset value at 31 March 2013.
The acquisition will expand Aberdeen’s North American business, extend its distribution network in the region and add to its existing fixed income capabilities.
Artio had assets under management of $10.6bn as of 17 May across a retail and institutional client base, with the bulk in fixed income.
When the deal was announced in February, Aberdeen said it would pay around $175m for the firm. Artio was also noted as running $14.3bn as of 31 December 2012, indicating that AUM has fallen by about 25 per cent since.
Aberdeen chief executive Martin Gilbert said at time: “This transaction is in line with Aberdeen’s strategy of undertaking infill acquisitions that will assist with growing our business organically.
“It will be of benefit to our North American business, a region we view as a key growth market for Aberdeen.”