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Aberdeen to purchase Goodman Property Investors for £89m

Aberdeen Asset Management is to acquire Goodman Property Investors for an initial cash consideration of £89m.

The purchase will enhance Aberdeen Property Investors’ position as one of the largest property fund managers globally.

GPI – which will disappear as a brand, subject to regulatory approval – has assets under management in excess of £7bn, as at March 31, 2008.

Aberdeen Property Investors’ asset under management will increase by over 42 per cent to around £24bn, putting it second largest of the property investment managers in the UK and within the top 10 globally, in terms of AUM.

Aberdeen says as well as giving Aberdeen Property Investors critical mass in the UK, GPI also creates a UK platform and both business will benefit from the economies of scale and opportunities to cross-sell the broader product range to a wider client base.

The acquisition follows Aberdeen’s acquisition of DEGI, a provider of open-ended property funds in the German market earlier this year, which added £5bn of assets.

Post-acquisition, an estimated 21 per cent of Aberdeen’s AUM will be in property with 34 per cent in equities and 45 per cent in fixed income – providing Aberdeen with greater balance in its operations and mix of assets under management.

Aberdeen Property Investors chief executive officer Rickard backlund says: “The acquisition of GPI is a logical step in cementing our position as a
leading global property asset manager. A significant UK platform was the
missing piece in Aberdeen Property Investors’ European business.

“In GPI we are getting a highly regarded management team and a complementary range of products we can grow. The deal also strengthens our presence in Asia – a region which is likely to attract increased interest from investors looking to diversify their property portfolios.”


The Transact test

Brunning Newman Houghton is a directly regulated IFA which advises a broad range of private and corporate clients. Most new and inherited cases involve lump sums. Whatever the tax wrapper – onshore or offshore bond, Isa or pension – success depends on how the investment performs.

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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