Aberdeen Completes Credit Suisse Acquisition
U.S. Business Adds Scale and Widens Product Platform
Additional Scale and Enhanced Product Platform
Another major attraction of the deal is that many of the non-U.S. funds being transferred are money market funds and specialist fixed income funds, bringing scale in these specific areas to
In the U.S., Aberdeen Asset Management Inc. ("Aberdeen U.S."), a wholly owned subsidiary of
The Credit Suisse shareholders of the closed-end funds approved advisory agreements with Aberdeen U.S. affiliates located in either
- The Latin America Equity Fund, Inc.(1)
- The Emerging Markets Telecommunications Fund, Inc.
- The First
- The Indonesia Fund, Inc.
The shareholders of certain Credit Suisse Funds approved the reorganization into Aberdeen Funds, totalling
AberdeenGlobal Fixed Income Fund AberdeenGlobal Small Cap Fund
- Aberdeen International Equity Fund
- Aberdeen International Equity Institutional Fund
AberdeenAsia Bond Institutional Fund
Increased Amount of Talent
Globally, around 120 former Credit Suisse employees, including investment managers and distribution staff, are joining
Aberdeen U.S. has approximately 200 employees that include fixed income and U.S. equity teams that manage over
Added Breadth and Depth
The acquisition further strengthens Aberdeen's balance sheet at a time when increased importance is being attached to the financial stability and sustainability of asset management groups. It is being financed through the issue of new equity, and Credit Suisse now becomes Aberdeen's largest shareholder with 23.9% of the total share capital.
"In these volatile market conditions, financial stability has become more important than ever and this acquisition confirms our position as a leading global firm, strengthening our balance sheet and broadening our client base," Gilbert said.
(1) The Chile Fund, Inc. and The Latin America Equity Fund, Inc. will both continue to be sub-advised by Celfin Capital. (2) The First Israel Fund, Inc. will also continue to be sub-advised by Analyst Exchange and Trading Services Ltd.
Aberdeen Asset Management PLC (
Aberdeen Asset Management Inc. is the wholly-owned U.S. subsidiary of Aberdeen Asset Management PLC. In
For more information on the
Details of the funds being transferred to
SOURCE Aberdeen Asset Management Inc.
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