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Aberdeen pays off debt after deal

Aberdeen Asset Management will use the remaining cash from its deal with Edinburgh Fund Managers and New Star to pay down debt once it has plugged a £9m hole in EFM&#39s pension scheme.

Aberdeen bought EFM for £36m in shares, selling on the retail funds to New Star for £33m. It will be left with £2.4bn of assets in investment trusts, institutional funds and private equity, which it has effectively acquired for £3m.

New Star is paying £27m in cash and the rest in shares, allowing AAM, once it has put in place a pension scheme rescue deal and cleared other costs, to pay off some of its debt.

A more immediate concern is whether the boards of the investment trusts it has acquired – the assets of which are around £1.4bn – will be happy with AAM as their manager. Managing director Gary Marshall, who expects redundancies and cost savings, says he has had positive feedback so far but warns that AAM cannot sit on its laurels.

He says: “We have been encouraged but we cannot afford to be complacent. It is good to be proactive and acquisitive again, however. Hopefully, clients will see this as a positive move.”


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RLAM appoints Jonathan Platt to the board

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Friends Prov International release new offer

Friends Provident International has launched another international savings plan offer which it says gives investors access to better returns for their money. Until 31 December 2003, the life office will increase the standard allocation on many regular contributions. As an example, Friends says an investor contributing £250pm for a 21-year term would receive an extra […]

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The politics of healthcare

Healthcare is already one of the key battlefields in May’s general election, with each of the main parties committing to deliver improvements to the NHS and public health.


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