Credit Suisse in funds sale to Aberdeen

ABERDEEN Asset Management announced the completion of a deal to buy a number of funds from Credit Suisse yesterday and said its assets under management would rise by &pound;36.4bn as a result.<br /><br />The transaction, which will create the UK&rsquo;s largest listed fund manager, sees Aberdeen hand 207.5m shares to Credit Suisse for its UK, US, Swiss, German, French and Japanese funds. The Swiss bank will end up with a 23.9 per cent stake in Aberdeen.<br /><br />The deal is worth &pound;297.6m based on Aberdeen&rsquo;s closing share price of 124p on 30 June, outstripping the &pound;250m price predicted when the transaction was first announced at the end of last year. <br /><br />The acquisitions add to the funds in Hong Kong, Singapore and Australia that Aberdeen bought from Credit Suisse earlier this year.<br /><br />&ldquo;The way our two businesses have come together has been very encouraging and confirms my belief that this transaction will be of great long-term benefit to our shareholders and also our existing and new clients,&rdquo; said Martin Gilbert, chief executive of Aberdeen.<br /><br />Credit Suisse put the funds up for sale last year after a strategic review, attracting initial interest from Schroders, who were eventually beaten to the deal by Aberdeen.<br /><br />The final purchase price could yet be revised, depending on performance during June and adjustments to predicted net run-rate revenues.