23 March 2007 Aberdeen buys Deutsche Asset Management assets ...

aberdeen.asset.com

23 March 2007 Aberdeen buys Deutsche Asset Management assets ...

23 March 2007Aberdeen buys Deutsche Asset Management assets as part of expansion plans in AustraliaSingapore, 23 March 2007 - Aberdeen Asset Management PLC (‘Aberdeen’) announces today thatit is buying up to US$11.3bn-worth of assets, formerly under Deutsche Asset ManagementAustralia (‘DeAmA’), for a top-most consideration of US$119.3m, as it seeks to expand its coreequity and fixed income business in Australia.The deal includes a number of mutual, insurance and segregated funds across asset classes.UK-listed Aberdeen regards Australia as a distinct market within the region given its size, relativematurity and fast growth. Its strategy since opening in 2000 has been to market its skills toinstitutional and wholesale buyers, mainly through the sale of offshore-managed funds in areas suchas emerging market and Asian equities.By buying DeAmA assets it expects to gain a better-rounded product profile, and one consistentwith the Group as a whole, which has expanded rapidly in Asia in recent years both organically andvia acquisition.In particular, the transaction reunites a fixed income team that used to work with what are nowAberdeen’s core London and Philadelphia fixed income businesses, bought 18 months fromDeutsche Bank AG. That ‘transformational’ deal saw Group assets more than double. TodayAberdeen manages US$149bn 1 in total worldwide.Singapore-based Hugh Young, who heads Aberdeen in Asia, affirmed:“We’ve spent some time in Australia promoting our strengths and building relations in the coreinstitutional channels, including rating agencies and consultants. With this deal we have theopportunity to expand on several fronts:“The fixed income part is exciting because Australia was omitted from the original deal withDeutsche, and that has proven highly successful. The DeAmA teams will bring additional expertiseand improve our local interface with Group. Recent mandate wins in Australia in global fixedincome provide momentum.“On the equity side we have differentiated ourselves thus far by focusing on our overseas equityexpertise. We now have scope to develop local products that are locally managed, alongside. Areassuch as property also look promising, allowing us to introduce other skills within the Group.”Aberdeen’s Australian assets amount to around US$2.9bn 2 at present, which includes assets underadvice in regional/global funds. The addition of DeAmA funds will lift this figure substantially.ENDS1at end Jan 072at end Feb 07Aberdeen Asset Management Asia Limited21 Church Street, #01 - 01 Capital Square TwoSingapore 049480Telephone: +65 6395 2702 Fax: +65 6438 0743www.aberdeen-asset.com


Aberdeen Asset Management PLCAberdeen Asset Management PLC is an international investment management group managingassets principally on behalf of leading national and corporate pension funds, central banks and otherfinancial institutions from its offices located around the world. The Group’s areas of activity arechiefly equities, fixed income and property. Total group assets under management and advice wereUS$149bn as at 31 January 2007.About Aberdeen Asset Management AsiaAberdeen Asset Management Asia Limited (AAMAL) is the Singapore-based Asia Pacificheadquarters of the Aberdeen Group. Set up in 1992, it has a total of US$34.8bn* undermanagement. Other regional offices are in Bangkok, Hong Kong, Kuala Lumpur, Seoul, Sydney aswell as Tokyo.* at end Jan 2007For media enquiries, please contact:Aberdeen Asset Management AsiaHugh YoungTel: +65 6395 2639Email: Hugh.Young@aberdeen-asset.comAberdeen Asset Management AsiaPatrick CorfeTel: +65 6395 2620Email: patrick.corfe@aberdeen-asset.comAberdeen Asset Management AsiaLydia LeeTel: +65 6395 2471Email: lydia.lee@aberdeen-asset.com

More magazines by this user
Similar magazines