Aetna International Inc., the international arm of Aetna, has entered into a definitive agreement for the sale of two international offshore funds to Aberdeen Asset Management PLC for $8 million cash.
A spokeswoman for Hartford, Conn.-based Aetna said the sale was part of a program to focus on health insurance, life insurance, and pension management. The transaction is expected to close later this year, provided regulators approve, Aetna said.
The sale includes two Luxembourg-registered funds, the Aetna International Umbrella Fund and the Aetna Master Fund, with $325 million of assets under management. The funds are marketed in eight companies in Europe and Asia.
Aberdeen, a U.K.-listed investment management company, has more than $22 billion of assets under management and 70 fund managers worldwide. It has offices in the United Kingdom, Ireland, Singapore, Chicago, Fort Lauderdale, and Hartford.
The Aetna spokeswoman said the company plans to keep its other international mutual funds managed from Hartford by Aetna Aeltus.