Aberdeen Asset Management

Last updated

Aberdeen Asset Management plc
Type Public
Industry Investment Management
Founded1983;39 years ago (1983)
Fatemerged into Standard Life Aberdeen
Headquarters Aberdeen, Scotland, UK
Key people
Simon Troughton
(Chairman)
Martin Gilbert
(CEO)
Hugh Young
(Head of Investments)
Bev Hendry
(Chief Executive – Head of Americas)
ProductsEquities, Fixed Income and Property asset classes
RevenueDecrease2.svg £1,114 million (2016) [1]
Decrease2.svg £328.1 million (2016) [1]
Decrease2.svg £189.2 million (2016) [1]
AUM Increase2.svg £312.1 billion (2016) [1]
Number of employees
2,812 (2016) [1]
Parent Abrdn   OOjs UI icon edit-ltr-progressive.svg
Subsidiaries Parmenion Capital Partners LLC
Website www.aberdeenstandard.com

Aberdeen Asset Management was an international investment management group, managing assets for both institutions and private investors from offices around the world. Its head office was in Aberdeen, Scotland. The company was listed on the London Stock Exchange until 14 August 2017 when, as a result of a merger with Standard Life, it became a subsidiary of the renamed Standard Life Aberdeen.

Contents

History

The company was established in 1983 through a management buy-out of an investment trust. [2] It was then listed on the London Stock Exchange in 1991. [2] In recent years, it has seen significant growth from acquisitions. In 2000 it acquired Murray Johnstone, followed by Edinburgh Fund Managers in 2003, parts of Deutsche Asset Management in 2005 and 2007, [3] [4] Glasgow Investment Managers in 2007, Goodman Property Investors in 2008, certain investment businesses of Credit Suisse Asset Management in 2009, and certain contracts and assets from RBS Asset Management in 2010. [2]

In November 2013, Lloyds Banking Group sold Scottish Widows Investment Partnership (SWIP) to Aberdeen Asset Management in a £660m deal. [5] The deal made Aberdeen Asset Management the second largest listed fund manager in Europe after Schroders, currently managing £308.1bn [6] In May 2015, the firm agreed to acquire its US counterpart Flag Capital Management for an undisclosed deal that would double the private equity assets under the company's control. [7]

The Company sponsored The Boat Race between 1999 and 2001. [8] In 2010 it signed a four-year sponsorship agreement with the Dad Vail Regatta to be title sponsor until 2013, the event's 75th Anniversary. The agreement has helped to keep the famous college rowing regatta in Philadelphia, the Group's North American headquarters. [9] In March 2012 it took over sponsorship of golf's Scottish Open for the following three years. Other sponsorships include the Cowes Week sailing regatta, Aberdeen Brunei Senior Masters Golf Tournament, [10] Edinburgh Rugby club, [11] professional golfers Colin Montgomerie and Paul Lawrie, [12] and former Formula One driver Paul di Resta. [13]

In March 2017, Aberdeen Asset Management reached an agreement to merge with Standard Life, in an all-share merger. [14] Standard Life changed its name to Standard Life Aberdeen on 14 August 2017. [15]

Operations

An Extreme 40 class sailing catamaran, seen racing off Egypt Point, Cowes, Isle of Wight Extreme 40 Aberdeen Asset Management at Cowes Week 2011 3.JPG
An Extreme 40 class sailing catamaran, seen racing off Egypt Point, Cowes, Isle of Wight

The company operated mainly in the United Kingdom but had a growing presence worldwide, particularly Asia, Oceania and the Americas, with over 2,500 staff, across 37 offices in 25 countries. Its headquarters were in the city of Aberdeen, where Group functions including legal, group information and human resources were located, and it had its major investment desks in London, Philadelphia and Singapore. [16]

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References

  1. 1 2 3 4 5 "Annual Results 2016". Aberdeen Asset Management. Archived from the original on 4 March 2016. Retrieved 18 January 2017.
  2. 1 2 3 "Aberdeen Asset Management History". Aberdeen-asset.com. Archived from the original on 7 July 2011. Retrieved 17 April 2011.
  3. ↑ "Deutsche Bank signs agreement with Aberdeen Asset Management" Archived 19 July 2011 at the Wayback Machine , Press Release, Deutsche Bank, 7 July 2005
  4. ↑ "Deutsche Bank to accelerate Australian Asset Management growth through alternative and global product focus" Archived 19 July 2011 at the Wayback Machine , Press Release, Deutsche Bank, 23 March 2007
  5. ↑ Lloyds sells Scottish Widows Investment in £660m deal BBC, 18 November 2013
  6. ↑ Jon Hopkins. "Merging Aberdeen Asset Management PLC sees strong rebound in first-half results, boosted by market gains, cost-cutting". Proactiveinvestors.co.uk. Retrieved 9 May 2017.
  7. ↑ "Aberdeen boosts alternatives muscle with Flag Capital buy". Reuters. 27 May 2015. Retrieved 28 March 2016.
  8. ↑ "The Xchanging Boat Race: How it began". Theboatrace.org. 1 April 1915. Archived from the original on 14 May 2011. Retrieved 17 April 2011.
  9. ↑ "Aberdeen Dad Vail Regatta – Aberdeen Sponsorship". Aberdeen Asset Management. Archived from the original on 6 December 2010. Retrieved 19 December 2010.
  10. ↑ Aberdeen Senior Masters 2010 [ dead link ]
  11. ↑ "Edinburgh Rugby". Edinburgh Rugby. Archived from the original on 23 April 2011. Retrieved 17 April 2011.
  12. ↑ "Aberdeen Asset Management Sponsor Colin Montgomerie". Scottishgolfview.com. 12 January 2007. Retrieved 17 April 2011.
  13. ↑ "Paul di Resta signs Aberdeen Asset Management deal". Scotsman.com. 24 May 2013. Retrieved 9 June 2013.
  14. ↑ "Aberdeen Asset Management and Standard Life confirm merger terms". BBC News. 6 March 2017. Retrieved 7 March 2017.
  15. ↑ "CMA clears Standard Life-Aberdeen Asset Management merger – BBC News". BBC. Retrieved 8 August 2017.
  16. ↑ "On hiring: Hugh Young of Aberdeen Asset Management Asia". FT. 25 September 2016. Retrieved 14 April 2017.
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