Aberdeen Asset Management has continued its path on the acquisition trail after it snapped up an investment boutique for an undisclosed sum.
The Aberdeen-based fund manger acquired Advance Emerging Capital (AEC), a London-base investment manager specialising in emerging and frontier market funds, from Dubai-based Rassmal Investments and its management. The firm has assets under management of £409million, and its team of four will join Aberdeen’s offices in London.
Analysts said the deal “looks like a good transaction for all parties”, giving AEC “critical mass” at a challenging time for emerging markets investments, and Aberdeen a “good strategic fit”.
Aberdeen’s chief executive Martin Gilbert said: “The acquisition of Advance Emerging Capital brings to Aberdeen a dedicated and highly experienced fund management team, expands further our closed-end fund business and adds to the range of alternative investment capabilities we already offer.
“AEC investors will benefit from the management team being part of a larger, independent asset manager and the ability to draw on the group’s established distribution and operational expertise in regard to closed end funds.”
Nasser Alshawaf, chairman and chief executive of AEC, added: “The confidence expressed by Aberdeen in AEC is a reflection of the team’s capabilities and competitiveness. As part of Aberdeen, the team will be able to add even more value to investors.”
The deal comes after a string of acquisitions for Aberdeen. This included Parmenion Capital Partners, a financial tech firm based in Bristol which it agreed to buy earlier this month. Aberdeen also completed on a deal to buy Flag Capital Management, a private markets manager with offices in Stamford, Boston and Hong Kong.