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Aberdeen considers SLFoC UK fund buy

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&#39s 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.”

DOCE:

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