SLI will take a 75.1 per cent stake in Aida subject to FSA approval.
Aida’s clients range from high net worth individuals, wealth managers and institutional investors from within and outside the UK. It currently manages the Aida open-ended fund, a Guernsey listed investment vehicle and the Aida closed-ended fund, an investment fund listed on the London Stock Exchange.
Aida Capital’s existing management team will continue to manage these funds as well as creating and managing fund of hedge fund products for Standard Life Investments and its clients.
SLI already manages over £8.5bn of commercial property, £4.6bn of private equity and over £2.2bn of global absolute return strategy funds under management, as at December 31.
Standard Life Investments CEO Keith Skeoch says: “We have considered an expansion into new alternative asset classes for some time and believe that the acquisition of Aida Capital, with its proven track record in managing hedge funds, would present us with a great opportunity to strengthen our alternative capacity.”