LONDON - Aberdeen Asset Management signed a deal to buy Equitilink Group of Sydney, which has global and Australian asset management businesses, for $80 million.
Aberdeen would manage Equitilink's family of funds, which includes the First Australia Fund, the First Australia Prime Income Fund, and the First Commonwealth Fund, all of which are listed on the American Stock Exchange. The company would also manage two Canada-listed funds and a series of Australia-listed funds.
Aberdeen said that it would not change the way the funds are managed and that there would be no change in the funds' investment objectives, policies, or management personnel.
Further terms of the deal, which was announced Friday, were not disclosed.
Aberdeen, with $42.4 billion of assets under management, is one of the United Kingdom's largest listed, independently owned fund management groups. It has offices across the United Kingdom, as well as investment management operations in the United States and Singapore. Equitilink, with $3 billion of assets under management, offers investment management and advisory services to North American, Australian, and New Zealand investors. It specializes in international fixed-income securities and Australian equities. Compiled by Matt Ackermann.