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FT: Aberdeen Asset Management is searching for a buyer
Aberdeen Asset Management – after years of countless hurts from its love affair with the emerging markets – is reportedly shopping around for a buyer:
“Aberdeen Asset Management has begun to sound out potential buyers for the group as Europe’s second-largest fund house struggles to put an end to a slump in its profitability, share price and assets under management.
People familiar with the process said Martin Gilbert, Aberdeen’s 60-year-old founder and chief executive, had made informal approaches to a number of rivals in recent months.”
According to the Financial Times, word on the strasse is that Credit Suisse – which at one time owned 25% of the firm – may actually be interested in purchasing the asset manager, though analysts do cite Deutsche Bank, K.K.R., and Blackstone as potential suitors as well.
As The Press and Journal wisely point out however, Japan’s largest bank – Mitsubishi UFJ (MUFJ) – would probably be Aberdeen’s best bet if it was really looking for a buyer.
Not only does MUFJ already own a large chunk of Aberdeen, but as we’ve previously reported, the Japanese behemoth had previously planned to “have closer ties” with the fund manager as it tries to expand its global asset management business.
Aberdeen absolutely denies that Gilbert’s been shopping around though, so it should be interesting to see how it plays out over the next few days. We’ll keep you in the loop.
Photo: David Jones