Fund manager Aberdeen Asset Management has completed its acquisition of some fund-management assets and businesses from Credit Suisse.
The £250million all-share deal, covering European, US and Japanese businesses, adds about £29.1billion of investments to its portfolio, taking total assets under management to £133.2billion and makes Aberdeen one of the largest asset-management groups based in Europe.
About 120 former Credit Suisse employees, including some investment managers and distribution staff, are joining Aberdeen.
Aberdeen said access to the Credit Suisse private-banking network was one of the benefits of the acquisition, with private bank clients forming a large percentage of the ownership of transferring funds.
Geographically, Aberdeen will expand its European operations in London, Paris, Frankfurt and Zurich, and gain new offices in Budapest, Geneva and Milan.
Credit Suisse now becomes Aberdeen’s largest shareholder with 23.9% of the issued share capital.
Aberdeen chief executive Martin Gilbert said: “In these volatile market conditions, financial stability has become more important than ever and this acquisition confirms our position as a leading global firm, strengthening our balance sheet and broadening our client base.”
Adam and Co, the Edinburgh-based subsidiary of the Royal Bank of Scotland Group which provides a private-banking and investment-management service to individuals, families, trusts, charities and businesses, has reported pre-tax profits of £18.64million for 2008.
Its annual report and accounts for the year, just released by Companies House, show pre-tax profits in 2007 were £14.84million. Income for 2008 was £48.4million, up from £41.98million the previous year.
The accounts also show the bank’s unnamed top-paid executive received emoluments and benefits of £350,970 during the year compared with £253,081 in 2007.