Aberdeen eyes £25bn bond manager


Aberdeen Asset Management is planning to acquire bond fund manager Rogge Global Partners, Sky News reports.

The firm is reportedly one of three bidders for the firm, which is owned by Old Mutual.

Evercore is handling the sale on behalf of Old Mutual, and Sky News suggests it will imminently choose a preferred bidder between Aberdeen, Macquarie and ScotiaBank.

The deal would add almost 10 per cent to Aberdeen’s most recent reported assets under management of £283.7bn.

The report comes after Aberdeen revealed assets under management fell nearly 13 per cent in 2014, blamed on “weak investor sentiment towards Asia and emerging markets”

Speaking at the time of the results, chairman Roger Connick said: “Asian and emerging markets are undergoing a cyclical correction. Traditionally these are areas of significant strength for Aberdeen, but we have experienced outflows from some investors who have made their asset allocation decisions on the basis of their macroeconomic views on these markets.

“Our strategy is based on our conviction that these markets will recover strongly over time and our priority is to ensure that our clients continue to be well positioned to reap the long-term benefits.

“However, for some time now, the board has recognised the impact that an emerging market correction could have on our business and performance, and we have been pursuing a deliberate strategy to mitigate against this risk.”