GLASGOW - Aberdeen Asset Management of Glasgow announced Wednesday that it had agreed to buy Murray Johnstone Holdings Ltd. from Boston's United Asset Management Corp. for $220 million.
Aberdeen outbid the Glasgow arm of Franklin Templeton Investments for the company.
Martin Gilbert, Aberdeen's chief executive, said the Murray Johnstone deal would help develop his company's international private equity business and increase its North American distribution. Aberdeen now manages $33.55 billion of assets. Murray Johnstone manages $5.78 billion.
United Asset Management now owns 41 fund management companies, but Old Mutual, the South African insurer that bought United last month, may sell as many as 30 of them, said Eric Anstee, director of Old Mutual's London money management business.