Aberdeen Asset Management is increasing its focus on emerging markets with the acquisition of Advance Emerging Capital (AEC), which comes swiftly after its purchase of Parmenion Capital Partners.
AEC specalises in emerging markets and frontier investments and had just over £400m assets under management at the end of June. Its biggest investment trusts are the £198m Advance Developing Markets investment trust and the £88m Advance Frontiers Markets investment trust.
The AEC team will be based in Aberdeen’s London office and will become part of Aberdeen’s growing alternatives business, which is led by Andrew McCaffery.
Aberdeen, which manages just over £300bn assets under management has been snapping up businesses in recent weeks. Earlier this month it bought Parmenion Capital Partners. Parmenion provides risk-rated graded portfolios to financial advisers and has £1.9bn in assets under management. The firm also bought hedge fund group Arden in August.
Martin Gilbert, chief executive of Aberdeen, said the acquisition of Advance Emerging Capital “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.”