Aberdeen agrees deal for $6bn alternatives firm

Aberdeen Asset Management is to acquire FLAG Capital Management in a bid to strengthen its alternatives platform and US offering.

Us private equity firm FLAG focuses on venture capital, small- to mid-cap private equity, and real assets in the US, as well as private equity in the Asia Pacific region. The firm has offices in Stamford and Boston in the US, as well as in Hong Kong, and manages total client assets of $6.3bn. The deal will take AUM within Aberdeen's alternatives platform, overseen by global head of alternatives Andrew McCaffery, up to $21.3bn. The acquisition fits in with Aberdeen's strategy to grow its alternatives platform, as well as meeting chief executive Martin Gilbert's desire to broaden his...