Aberdeen buys £13.5bn of MM and FoHF assets from RBS

Aberdeen has acquired £13.5bn of long-only multi-manager and fund of hedge fund assets from RBS Asset Management for £84.7m.

The assets under management - at 30 September 2009 - comprised of £9.1bn in long-only multi-manager, £4bn in funds of hedge funds and £400m in other alternatives funds. RBS' existing multi-manager team will work alongside current Aberdeen co-heads of MM Aidan Kearney and Graham Duce. Aberdeen and RBS Wealth Management have also entered into a minimum five year distribution agreement, principally covering the fund of funds and multi-manager strategies developed by the acquired business. To re-finance the cash consideration of £84.7m plus associated costs and regulatory capital for the ...