Aberdeen Asset Management is in talks to buy the UK fund management arm of
Sun Life Financial of Canada.
The bid, which is being negotiated by stockbroker Cazenove & Co, follows a
string of recent acquisitions by the Scottish fund manager which have
totalled more than £300m over the past year.
Aberdeen would not disclose how much they have offered for the business,
but analysts have valued SLFoC's asset management division at around
£225m. Friends Ivory & Sime are also tipped to be in the bidding.
SLFoC has been slimming down its operations in the UK since February when
it announced plans to axe its direct salesforce and reduce its total number
of UK employees to 300 from 2,000 by 2003.
Aberdeen chief executive Martin Gilbert confirmed the interest in SLFoC
but conceded that the bidding will be very competitive. He says: “We are
highly interested but it is probably going to go for a very high price so
we need to wait and see.”