Aberdeen stake snapped up by MUTB

  • Story by: Daniel McAllister
  • Magazine: InvestmentAdviser
  • Published Monday , October 06, 2008

Japan’s Mitsubishi UFJ Trust and Banking Corporation has snapped up a nearly 10 per cent stake in Aberdeen Asset Management.

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MUTB plans to buy 9.9 per cent of Aberdeen’s issued share capital, with the option to ramp up its holding to 19.9 per cent.

The firm will have the right to appoint a non-executive director to Aberdeen's board if it takes its stake to more than 15 per cent.

MUTB, which is part of Japan’s largest banking business - the Mitsubishi UFJ Financial Group - said it would not increase its stake over the 20 per cent mark within the next 18 months.

It has also agreed to promote Aberdeen’s emerging market equities, global equities and global fixed income products in the Japanese market.

Martin Gilbert, chief executive at Aberdeen, said: “Aberdeen’s partnership with MUTB provides an exciting opportunity to enhance our global distribution and broaden our client base."

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