Aberdeen Asset Management is buying Flag Capital Management, an alternatives manager in the US.
The deal will add $6.3bn of assets to Aberdeen鈥檚 books, taking its total alternative assets platform, overseen by Andrew McCaffery, to $21.3bn.
Aberdeen said the deal, due in the third quarter of this year, increases its exposure to the US and adds family offices, endowments and public and corporate pension plans.
McCaffery, global head of alternatives, said Flag Capital has a 鈥済reat client base鈥� of 鈥渕ainly institutional investors鈥� in the US.
Flag, founded in 1994, has 鈥漜onsiderable experience of natural resources and agriculture investing鈥�, McCaffery said, 鈥渃omplementary to Aberdeen鈥檚 property multi-manager business and direct infrastructure business鈥�.
鈥漌e will look to build upon the combined expertise to deliver a complete Real Asset offering to investors across the globe,鈥� he said.
Flag, which has an office in Hong Kong as well as in Boston and Stamford, manages $6.3bn of invested and committed capital and has focused on venture capital, small and mid-cap private equity, and real assets in the US, as well as private equity in the Asia-Pacific region. Flag bought Hong Kong asset manager Squadron Capital Management in 2012.
, Aberdeen agreed to buy Scottish Widows Investment Partnership in a 拢550m (鈧�657m) deal that took its real estate business to around 拢23.5bn from 拢16bn and resulting in property accounting for 7% of the combined firm鈥檚 assets of 拢336bn.
