After entering a strategic relationship with Lloyds Banking group, Aberdeen AM says it could become the largest listed asset manager in Europe. The relationship would give Aberdeen an additional £136 billion of assets under management.
The acquisition, which is subject to regulatory approval, means Aberdeen would acquire Scottish Widows Investment Partnership Group, as part of a £550 million deal. The deal will leave Aberdeen with more than £336 billion under management, likely making them Europe’s largest listed asset management business. Aberdeen is currently ranked 25 out of the largest in Europe list compiled by Towers Watson.
Lloyds will be issued 131.8 million new shares, worth an approximate 9.9% stake in Aberdeen. Depending on growth the will be a performance related 5 year earn-out payment of up to £100 million.
SOURCE: Funds Europe 18/11/13
