Aberdeen Asset Management continues on acquisition trail

Aberdeen Asset Management has continued on the acquisition trail by buying London-based specialist investment manager Advance Emerging Capital (AEC).

The value of the transaction has not been disclosed.

Last month, Aberdeen agreed to buy a US hedge fund investor as part of a drive to strengthen its alternative product offering.

And in May it acquired a private equity firm with bases in the US and Hong Kong.

The AEC team will be based in Aberdeen's London office and will become part of the group's growing Alternatives business.

As of 30 June, AEC managed £409m across a range of investment funds.

Following the transaction, Aberdeen will manage 33 closed-end funds with aggregate assets under management of more than £8.5bn.

Aberdeen chief executive Martin Gilbert said: "The acquisition of Advance Emerging Capital brings to Aberdeen a dedicated and highly experienced fund management team, expands further our closed-end fund business and adds to the range of alternative investment capabilities we already offer.

"AEC investors will benefit from the management team being part of a larger, independent asset manager and the ability to draw on the Group's established distribution and operational expertise in regard to closed end funds."