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Aberdeen interested in Murray Johnstone

Aberdeen Asset Management has announced its intention to join the bidding to buy Glasgow fund manager Murray Johnstone.

A highly competitive auction is expected, with Friends Ivory & Sime possibly interested, as well as several overseas bidders. The price is £150m, which many may see as too high.

The announcement comes at a time when Aberdeen’s independence is seen as under threat. Edinburgh life office Scottish Provident, which owns a 38 per cent stake in the firm, is itself up for sale.

However, Aberdeen remains undaunted, saying that a takeover is unlikely and it is certain to retain its independence.

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