PHILADELPHIA, Jan. 4, 2016 /PRNewswire/ -- Aberdeen Asset Management Inc. (Aberdeen) is pleased to announce it has completed the acquisition of Arden Asset Management LLC (Arden), a provider of hedge fund solutions with offices in New York and London, on December 31, 2015.
This acquisition grows Aberdeen's global alternatives platform, which encompasses multi-manager research, selection and portfolio management for hedge-fund strategies, private equity and debt, property and other real asset investments, along with direct investments in infrastructure projects. Aberdeen can now offer its clients access and exposure to a universe of high-quality alternative investments, covering liquid strategies, private markets and real assets.
The combined hedge fund solutions team located in London and New York specializes in creating and managing multi-manager portfolios with expertise in hedge fund manager research, selection, monitoring/oversight and portfolio management. With $10.3 billion in assets under management, the team provides commingled funds, customized portfolios, mutual funds and advisory services to a global, blue-chip client base of individual and institutional investors.
Aberdeen's alternatives division, under Global Head of Alternatives Andrew McCaffery, has more than $21 billion of assets under management as of September 30, 2015. This coupled with Arden will bring the group's alternatives assets to more than $31 billion.
Effective with the closing of the transaction, Aberdeen became the investment adviser to the Arden Alternative Strategies Fund and Arden Alternative Strategies II (the "Arden Funds") pursuant to an interim advisory agreement approved by the Arden Funds' shareholders at a meeting on November 25, 2015. It is anticipated that in the first quarter of 2016, the Arden Funds will be reorganized into newly created series of Aberdeen Funds, Aberdeen Multi-Manager Alternative Strategies Fund and Aberdeen Multi-Manager Alternative Strategies Fund II, using investment strategies that are substantially similar to those of the Arden Funds. The fund reorganizations were also approved by the Arden Funds' shareholders at the shareholder meeting.
The transaction provides key benefits to Aberdeen:
- Grows our alternatives platform and enhances Aberdeen's position in the U.S. and global institutional investor market
- Provides immediate entry into portfolios of liquid-alternative products domiciled in the U.S.
- Adds U.S.-based investment professionals with an investment process that is highly complementary to Aberdeen's, broadening our global platform
Andrew McCaffery, Global Head of Alternatives at Aberdeen Asset Management, comments:
"We are very pleased to have closed on the acquisition of Arden Asset Management LLC. Our excitement about the potential of the combined, integrated platform continues to grow, enhanced by the very encouraging feedback we have received from clients since signing the agreement. We continue to focus upon the opportunity presented by investors' increasing demand for high-quality research, combined with effective portfolio construction and management, in an effort to generate sustainable returns for their hedge fund portfolios. The development of liquid-alternative portfolios and products, built off our broader hedge fund solutions platform, is an area that we are increasingly confident will grow in 2016 and beyond."
Notes to Editors
Aberdeen – simply asset management.
Aberdeen Asset Management PLC is an independent asset management company. Formed out of a management buy-out in Aberdeen, Scotland, in 1983, we are now a FTSE 100 company operating on-the-ground in over 25 countries across Europe, Asia and the Americas.
We are defined by our pure focus on asset management, including equities, fixed income, property and multi-asset portfolios, including a strong and growing alternative investment capability. All our investment solutions are driven by our commitment to straightforward, transparent investment approaches that stress intensive, first-hand research and a long-term view.
As of September 30, 2015, we manage total assets of more than $429.7 billion on behalf of institutional and private investors.
In the United States, Aberdeen Asset Management (AAM) is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd, Aberdeen Asset Management Ltd, Aberdeen Asset Management Asia Ltd and Aberdeen Capital Management, LLC, each of which is wholly owned by Aberdeen Asset Management PLC. "Aberdeen" is a U.S. registered service mark of Aberdeen Asset Management PLC.
Aberdeen Asset Management ("AAM") is the marketing name in Canada for the following affiliated entities: Aberdeen Asset Management Inc., Aberdeen Fund Distributors, LLC, Aberdeen Asset Management Asia Ltd, Aberdeen Asset Management Canada Limited and Aberdeen Capital Management, LLC. Aberdeen Asset Management Inc. is registered as a Portfolio Manager in the Canadian provinces of Ontario, Nova Scotia and New Brunswick and as an Investment Fund Manager in the provinces of Ontario, Quebec, and Newfoundland and Labrador. Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Canada Limited are registered as Portfolio Managers in Ontario. Aberdeen Fund Distributors, LLC, operates as an Exempt Market Dealer in all provinces and territories of Canada. Aberdeen Fund Distributors, LLC, Aberdeen Asset Management Canada Limited and Aberdeen Capital Management, LLC, are wholly owned subsidiaries of Aberdeen Asset Management Inc. Both Aberdeen Asset Management Inc. and Aberdeen Asset Management Asia Ltd. are wholly owned by Aberdeen Asset Management PLC.
SOURCE Aberdeen Asset Management Inc.