Aberdeen Asset Management buys US hedge fund investor

Aberdeen Asset Management has agreed to buy a US hedge fund investor as part of a drive to strengthen its alternative product offering.

The acquisition of Arden Asset Management will boost its hedge fund unit's assets from $2bn to $11bn.

The deal follows Aberdeen's acquisition in May of US private equity firm Flag Capital Management.

The two deals combined will take assets on Aberdeen's alternatives platform to more than $30bn.

The value of the Arden acquisition was not disclosed.

The Arden purchase is expected to complete in the fourth quarter of this year, subject to approval by regulators, trustees and shareholders of certain mutual funds.

Aberdeen chief executive Martin Gilbert said: "Institutional investors are looking to hedge fund solutions to offer risk/return profiles not available via mainstream strategies and traditional asset classes.

"The acquisition of Arden emphasises further Aberdeen's commitment to diversifying its overall business and to growing its alternatives platform."