Aberdeen continues acquisition spree with AEC purchase

Group adds investment trusts to range

Aberdeen Asset Management has made its third acquisition in just over a month with the purchase of investment trust house Advanced Emerging Capital.

The move is to add further capabilities to the group's alternatives division after the purchase of US hedge fund Arden in August, private markets manager FLAG Capital Management in May and the purchase of SVG Capital's stake in its joint venture with the firm in March. Advanced Emerging Capital, which has been acquired for an undisclosed sum, is a London-based specialist manager of primarily closed-ended fund of fund vehicles, managing around £409m across a range of funds. The largest vehicles are the Advance Developing Markets, which is shortlisted for an award in Investment Week's I...