Aberdeen pays £29m to buy out SVG joint venture

Aberdeen Asset Management is set to buy the remaining stake in its joint venture with SVG Capital, Aberdeen SVG Private Equity.

The asset manager is to buy the remaining 49.9% holding in the joint venture for £29m. In May 2013, the group bought a 50.1% stake in Aberdeen SVG Private Equity from SVG Capital, with the option of acquiring the remainder at a later date. Following completion, the investment management contract for SVG Capital will be transferred to an entity wholly owned by SVG Capital. The SVG Capital investment and management team, including chief executive Lynn Fordham, will also transfer to the new entity. However, Aberdeen said majority of the existing team at the joint venture will be in...