Aberdeen Asset Management today announced the acquisition of certain Australian fund management businesses from Deutsche Bank.
Through this acquisition, Aberdeen significantly enhances its presence in Australia's institutional asset management sector. The deal will see Aberdeen acquire up to AU$14 billion (€8.5 billion)worth of assets for a cash consideration that is not expected to exceed AU$148 million (€90 million).
Since Aberdeen began operating in Sydney in 2000, Australia has become a key market for the Group, with approximately AU$4.4 billion (€2.7 billion) in assets under management.
Mr Martin Gilbert, CEO of Aberdeen Asset Management, said the group is delighted to have had this opportunity to add this part of Deutsche Australia's scale and client reach to the business.
As was the case for the last transaction with Deutsche Bank, the incumbent fixed income team together with the assets that they manage will transfer to Aberdeen. They will be working with new as well as former colleagues in London, Philadelphia and Singapore, further strengthening Aberdeen's Global Fixed Income platform.
The equity assets will be managed by Aberdeen's existing team in Sydney.
The acquisition is not said to have any immediate effect on the property division, but evidently it strengthens Aberdeen Property Investors' abilityt o widen its geographical scope further if and when this is considered right from a strategic point of view.
Questions on this subject can be directed to Rickard Backlund, CEO Aberdeen Property Investors, +46 8 412 80 00