Aberdeen completes transaction on Deutsche business
Aberdeen Asset Management has confirmed today that it has completed the acquisition of some elements of Deutsche Australia Limited’s Australian fund management business.
Aberdeen said that the transfer of the business became effective at the close of business on June 1.
The company said it had paid an initial consideration of $116 million for the business, based on estimated assets under management of $11.5 billion transferring to Aberdeen’s management.
Aberdeen said these assets were comprised of $8.5 billion of segregated mandates and $3 billion in managed investment schemes.
Deutsche’s seven person fixed income team will be joining Aberdeen and will be led by Bill Bovington, who will be head of Australian Fixed Income at Aberdeen reporting to the Global Head of Fixed Income, Steve Ilott.
AUTHOR
Mike Taylor
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