Aberdeen Asset Management is to acquire further assets from Credit Suisse in the form of its multi-manager business.
Aidan Kearney and Graham Duce, co-heads, and the rest of the multi-manager team will move across with the range and be re-branded as Aberdeen, like the rest of the funds business, which was purchased in December.
The deal involves the full range of 12 onshore funds and four Luxembourg Sicavs. Total assets under management amount to £730m.
Anne Richards, the chief investment officer at Aberdeen, says: “The addition of a multi-manager capability significantly strengthens the range of products we can offer to our clients around the world, and also broadens our client base. We view this as the addition of a capability which we can build on, manage and promote over the long-term and of great appeal to our client base.”
Aberdeen acquired nearly all of Credit Suisse’s fund management arm late last year in a share deal worth £250m.
Aberdeen says the multi-manager range was not part of the original deal, but Credit Suisse has since offered it to Aberdeen and it will form part of the overall deal with no separate price tag.