15 Sep 2015
ABERDEEN ASSET MANAGEMENT TO ACQUIRE ADVANCE EMERGING CAPITAL
Advance Emerging Capital Ltd (“AEC”) is pleased to announce that an agreement has been reached with Aberdeen Asset Management (“Aberdeen”) whereby Aberdeen will acquire 100% ownership of AEC.
AEC is a London based specialist investment manager with nearly two decades of experience managing investments on behalf of a wide range of investors. As of 30 June 2015, the company managed £409 million across a range of investment funds. AEC’s investment team is comprised of four individuals with over 50 years of combined experience investing through both open and closed ended investment vehicles. The two largest vehicles that the team manages are Advance Developing Markets Fund Limited and Advance Frontier Markets Fund Limited.
Aberdeen is an independent asset management company. Formed out of a management buy-out in Aberdeen, Scotland, in 1983, it is now a FTSE 100 company operating on-the-ground in over 25 countries across Europe, Asia and the Americas. As at 30 June 2015, Aberdeen managed total assets of £307 billion on behalf of institutional and private investors. Following the transaction Aberdeen will manage 33 closed end funds with aggregate assets under management of over £8.5 billion.
The AEC team will be based in Aberdeen’s London office and will become part of the Group’s growing Alternatives business which is led by Andrew McCaffery. The team will be independent from Aberdeen’s direct equity and fixed income teams. Since AEC invests in a number of Aberdeen vehicles, investors will not be double-charged on these investments in Aberdeen funds.
Martin Gilbert, Chief Executive of Aberdeen Asset Management, comments:
“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.”
Nasser Alshawaf, Chairman and Chief Executive Officer, Advance Emerging Capital comments:
“The confidence expressed by Aberdeen in AEC is a reflection of the team’s capabilities and competitiveness. As part of Aberdeen, the team will be able to add even more value to investors. I am highly confident that the AEC team will continue to serve its investors with the same vigour and diligence and, in so doing, continue to generate superior returns.”
Andrew Lister, Co-Chief Investment Officer, Advance Emerging Capital, comments:
“Aberdeen is an investment house we have immense respect for, and with which we share a similar investment philosophy and appreciation of the benefits of the closed end fund structure. We are therefore delighted to be joining them, where we will continue to implement our current strategy and process with significant additional support provided by Aberdeen’s Closed End Funds team and the operational infrastructure that comes with being part of a FTSE 100 company. Sitting within Aberdeen’s rapidly growing Alternatives business will, we believe, enable us to share ideas and best practice to the benefit of our existing investors.”
The transaction has the support of the Boards of Directors of Advance Developing Markets Fund and Advance Frontier Markets Fund, to which AEC currently acts as Investment Manager. The deal is subject to regulatory approval from the UK Financial Conduct Authority. It is intended to complete the transaction during the fourth quarter of 2015.
Further enquiries can be made to:
Andrew Lister or Bernard Moody, Advance Emerging Capital
Email: email@example.com or firstname.lastname@example.org
Tel: +44 (0)20 7016 0030