Aberdeen ramps up growth strategy with double acquisition

Aberdeen has hit the acquisition trail with two new deals, agreeing to buy US asset manager Artio Global Investors and taking a majority stake in private equity fund of funds business SVG.

Aberdeen will pay around £112m in cash for Artio, which had roughly £9.2bn in retail and institutional assets under management as of 31 December 2012. That asset base includes a £2.9bn global equities business and a £6.3bn fixed income division. Artio's global high yield and investment grade teams are expected to join Aberdeen upon completion of the deal. Artio has a net asset value of £90m, with cash and seed investments of £87m as at 31 December, Aberdeen said. "This acquisition will expand Aberdeen's North American business, deepen its distribution network in the region and add ...