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Aberdeen to take on US asset managers after SWIP acquisition

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November 19
1:42 AM 2013

Aberdeen Asset Management announced its plan to take on US investment groups after closing its biggest acquisition in three decades. This was according to a report published by The Financial Times.

Aberdeen has recently acquired Scottish Widows Investment Partnership (SWIP) for GBP550 million. This transaction brought Aberdeen's assets under management to GBP336 billion (USD543 billion). The said deal also propelled the company to the top spot as Europe's largest listed investment firm, the report said.

Martin Gilbert, Aberdeen's chief executive, said of the SWIP deal, "This is a very important deal for Aberdeen as it gives us the chance to take on the US groups and win clients there. Size matters more than ever today and this will give us an extra edge."

In addition, the said deal marked a point of revival for Gilbert. More than 10 years ago, he came close to bankruptcy after being involved in a split capital investment trust scandal, The Financial Times reported.

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