Aberdeen may offload Chifley stake
Aberdeen Asset Management is considering selling its 50 per cent stake in financial planning and superannuation group Chifley Financial Services as it beds down its acquisition of Equitilink.
Aberdeen's Australian managing director Ouma Sananikone says she is in discussions with a number of parties over the sale of the business, but would not be drawn on the identity of any potential bidders.
Speculation in the market has pointed to FuturePlus Australia and the Local Government and Energy Industries superannuation schemes as contenders. The other 50 per cent of Chifley is owned by the Labor Council of Australia, who are understood to wish to maintain its stake.
Sananikone says selling the stake in Chifley is one of the options being considered by Aberdeen in a review of the Australian operations.
Sananikone says Aberdeen is not involved in distribution anywhere else in the world, so it is not viewed as core business by the group. However, maintaining Chifley on the books is an option still being considered.
"Worldwide, Aberdeen focuses on manufacture and distribution of investment products, so we are looking at Chifley to see if it fits. That doesn't necessarily mean that it does not fit," she says.
Meanwhile, the Australian operations are preparing to launch two products which are distributed by Aberdeen in other countries. The first is the technology fund, which is the oldest technology fund in Europe and has more than $A2 billion under management. The second is an Asian equities fund managed out of its Singapore office.
Sananikone says the two products will be launched to the master trust and wholesale market before the end of the year.
Aberdeen also recently secured two mandates from Lumley's general insurance operations. Sananikone says the mandate is the first statutory fund to use equity products alongside fixed interest products in Australia.
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