Aberdeen snaps up US hedge fund in alternatives push

Aberdeen Asset Management has agreed to acquire US hedge fund provider Arden Asset Management in the latest bid to grow its alternatives platform.

The acquisition will position Aberdeen as a leading hedge fund investor with over 30 investment professionals and around $11bn (£7bn) in assets managed in these strategies. The move is part of Aberdeen's strategy to grow its global alternatives business across hedge funds, private equity, property and direct investment in infrastructure projects. Upon completion of the transaction Aberdeen will manage over $30bn in its alternatives platform, overseen by Andrew McCaffery, global head of alternatives. Founded in 1993, Arden is a hedge fund specialist which creates and manages hedge f...