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For investors who are keen to find out more news coverage on Aberdeen Asset Management Company Limited, our company has an archive of news articles available in this section. Please click on the links below to view the articles.
Aberdeen announces its success again, reiterating its leader in FIF industry Topping this year with the highest IPO subscription in Aberdeen China Gateway Fund
Bangkok, 9 September 2009 - Aberdeen Asset Management Company Limited (Aberdeen) held a press conference to announce its success of the IPO subscription in Aberdeen China Gateway Fund during 24 Aug. – 7 Sep. 09
Mr. Chaikaseam Vadhanasiripong, Head of Fund Distributional Sales, Aberdeen Asset Management Company Limited said “Aberdeen is thankful to all investors who have subscribed in Aberdeen China Gateway Fund’s which is the 6th FIF of Aberdeen Thailand. It has been well subscribed nearly 500MB in total and it’s the highest IPO subscription of all equity FIF funds since the beginning of this year until now. From this success, now Aberdeen has increased the total assets of its foreign investment funds to 4,094.77 MB from previously which is 3,603.35 MB” (data as of 7 Sep 09)
Aberdeen China Gateway Fund will reopen its subscription to investors from 16 September 2009 onwards and front-end fee will be charged at 1.50% of NAV. Investors can subscribe via Aberdeen or our distributors with a minimum subscription not less than 5,000 Baht.
Given the volatility of global stock markets including more choices of investing in China through many mutual funds offering by other asset management companies, Aberdeen believes what brings us good response is investors’ confidence in Aberdeen’s active style of investment management. We are interested in right companies which we know them well from our company visits. We focus on solid fundamentals, strong balance sheet and not inclined to follow short term market trend or thematic investment but to concentrate with the investment discipline in order to make a good opportunity for long term value investors.
Mr. Chaikaseam added “Apart from Aberdeen’s FIFs, we also look to have a public relation regarding our tax benefit mutual funds. Now, Aberdeen has 1 LTF which is Aberdeen Long Term Equity Fund and 2 RMFs which are Aberdeen Smart Capital - Retirement Mutual Fund investing in equities and Aberdeen Smart Income - Retirement Mutual Fund investing in fixed income instruments. This year, we have promotional campaigns for LTF and RMFs where clients can accumulate their investment throughout the year 2009 to get free Central gift voucher worth 200 Baht and max 2,500 Baht, depending on the total value of their accumulated investment”
Recently, Aberdeen has launched a new service calls “MIP (Monthly Investment Plan)” which allows investors to invest on fixed monthly amount basis and that will systemise investment for higher efficiency and instil investment discipline to our participating nvestors.
As Credit Suisse Deal Closes, Aberdeen Deepens its Local Presence
Aberdeen Asset Management (“Aberdeen”) has completed today the final closing of its acquisition of certain fund management assets and businesses from Credit Suisse. This covers the European, Japanese and US businesses being acquired and follows the first closing, announced on 1 May 2009, of the Asia Pacific (ex-Japan) businesses.
Around an additional £29.1 billion will now transfer over to Aberdeen, following the £7.4 billion which transitioned following the first closing. The acquisition makes British-listed Aberdeen one of the largest standalone asset management groups headquartered in the European region.
Around 120 former Credit Suisse employees, including some investment managers and distribution staff, are joining Aberdeen long-term, including Paul Griffiths, who will continue in his current role as head of fixed income. On the equity side, the Aberdeen process, which enjoys a strong reputation, remains unchanged.
Aberdeen cites access to the Credit Suisse private banking network as one of the benefits of the acquisition, with private bank clients forming a large percentage of the ownership of transferring funds. At a geographical level, Aberdeen will expand its European operations in London, Paris, Frankfurt and Zurich, in addition to new offices in Budapest, Geneva and Milan. Elsewhere, it adds scale to Aberdeen’s presence in Australia’s wholesale market, while in Japan the addition of retail funds provides access to new clients and in the US the group’s open-end and closed-end fund offerings are widened.
Another major attraction is the underlying complexion of funds. Many of these are money market funds and specialist fixed income funds, areas where Aberdeen lacked scale before. Some 192 equity, fixed income and money market pooled funds will now come under the management of Aberdeen’s highly regarded investment management teams around the world. Of these 48 are domiciled in Luxembourg and registered for sale in up to 27 countries./p>
The acquisition further strengthens Aberdeen’s balance sheet at a time when increased importance is being attached to the financial stability and sustainability of asset management groups. It is being financed through the issue of new equity and Credit Suisse now becomes Aberdeen’s largest shareholder with 23.9% of the total share capital.
Martin Gilbert, chief executive of Aberdeen Asset Management, commented:
“Since the announcement of this acquisition in December, we have worked well with Credit Suisse to ensure a smooth integration. The way our two businesses have come together has been very encouraging and confirms my belief that this transaction will be of great long-term benefit to our shareholders and also our existing and new clients, whom I would like to thank for their continued support throughout this process."
“In these volatile market conditions, financial stability has become more important than ever and this acquisition confirms our position as a leading global firm, strengthening our balance sheet and broadening our client base.”
Proposed Acquisition of parts of Credit Suisse's Global Investors
Aberdeen Asset Management PLC (‘Aberdeen’ or ‘the Group’)announces that it has entered into a definitive agreement with Credit Suisse Group AG (‘Credit Suisse’) to acquire certain fund management assets and businesses (‘the Acquired Business’) (‘the Acquisition’), subject to shareholder and certain regulatory approvals.
The purchase consideration will be satisfied by the issue to Credit Suisse of a maximum of 240 million new ordinary shares in Aberdeen, equivalent to 24.97% of the enlarged Group’s issued ordinary share capital, valued at £250 million based on the Aberdeen closing share price of 104.25 pence on 30 December 2008. The actual number of new ordinary shares to be issued to Credit Suisse will depend on the level of run-rate revenues delivered at the closing of the Acquisition, which is anticipated will take place on, or around, 30 June 2009 (‘the Closing’).
The assets under management (‘AuM’) the subject of the Acquisition were CHF75 billion (£40 billion) as at 30 November 2008, with associated run-rate revenues of approximately CHF220 million (£118 million) per annum and were this level of runrate revenues to be delivered at Closing, the maximum purchase consideration of 240 million new ordinary shares would be payable.
The Acquired Business is a long-only traditional asset manager with a leading presence in Europe, Asia and Australasia. It offers a broad product range, diversified predominantly across fixed income, money market and equities, with a variety of investment styles that will be integrated into Aberdeen’s investment processes. Its products are sold primarily to third party clients, with a significant minority of assets sourced through Credit Suisse’s Private Banking division, one of the world’s largest wealth managers.
Aberdeen has agreed an extension of the existing distribution agreement with Credit Suisse, to be signed on Closing. This will give Aberdeen greater access to the banking network of Credit Suisse.
The key benefits of the Acquisition for Aberdeen are:
- the opportunity to achieve greater scale in certain markets where the Group already has a presence, such as the UK, Australia, Germany, Switzerland and Japan. The Acquisition will also strengthen Aberdeen’s offering in certain product areas
- greater access to the distribution network of both Credit Suisse and Credit Suisse’s Private Banking division;
- the introduction of another significant, long-term, quality shareholder, whose aims are aligned with Aberdeen’s;
- the strengthening of Aberdeen’s balance sheet by the issue of new shares and a reduction in relative gearing as the Acquired Business is debt free;
- substantial cost efficiencies and enhanced financial performance through the application of Aberdeen’s efficient operating model to the Acquired Business; and
- significant earnings enhancement (before any amortisation of intangible assets) from Closing.
Commenting on the Acquisition, Martin Gilbert, Chief Executive of Aberdeen, said:
“The acquisition confirms Aberdeen’s position as a leading global asset manager and provides us with greater access to the distribution network of Credit Suisse and its Private Banking division, one of the world’s largest wealth managers.
“This transaction fits perfectly within our strategy, a key part of which has been to make earnings enhancing acquisitions which give the business critical mass in our core competencies, complementing our organic growth.
“Given our proven track record of integrating businesses, we are well placed to ensure a smooth transition of the Credit Suisse assets to Aberdeen. We look forward to welcoming our new colleagues and clients, and also to welcoming Credit Suisse as a significant shareholder in Aberdeen. We believe that this transaction will be for the long-term benefit of all our shareholders.”.
Rob Shafir, CEO of Credit Suisse’s Asset Management Division, said:
“We believe this transaction offers our clients a compelling opportunity, providing them with access to an enhanced suite of investment products provided by a premier manager that historically has had strong performance across many asset classes. It also enables us to maximize the value of our Global Investors business, as we announced we would do earlier this year, and benefit from our new partner’s advantages of scale in a consolidating marketplace. ”.
Martin Hughes, Chief Executive of Toscafund, Aberdeen’s largest shareholder said:
“Toscafund has already confirmed its support for this transformational acquisition, which has been made possible by the excellent operating platform offered by Aberdeen. Toscafund believes that the transaction is of clear benefit to the clients and shareholders of Aberdeen Asset Management and Credit Suisse.”.
Aberdeen Asset Management States Its Not Exposed to Current crisis Companies
Bangkok, 18 September 2008 - Aberdeen Asset Management, one of the leading financial institutions in Thailand and Asia, has stressed to concerned customers that it has no direct links to companies involved in the current financial crisis.
Robert Penaloza, Chief Executive Officer of Aberdeen Asset Management said: “Following the unprecedented events on Wall Street over the past few days, led by the demise of Lehman Brothers, we have checked through our funds available for sale in Thailand and through our direct exposure is nil among equities and fixed income.”
He added: “Specifically, we note that none of the equity master funds within our FIF range hold stock in AIG, Lehman Brothers, Merrill Lynch or Washington Mutual.
He stated that the company’s strategic and professional approach to investments had kept Aberdeen on course that investors need not panic.
He stressed, “The Aberdeen Global - World Equity Fund has not held any US banks for over four years, reflecting our skeptical view of US banks in general.”
Aberdeen has recently launched a series of educational seminars to assist Thai investors and the company continues to advocate that investors take a long-term investment strategy.
Aberdeen Asia, recognized for its Corporate Governance
New Haven, Conn., June 9, 2008 – The Millstein Center for Corporate Governance and Performance at the Yale School of Management has named Peter Taylor, Head of Corporate Governance at Aberdeen Asset Management Asia Limited as one of the 56 young professionals as “Rising Stars of Corporate Governance.”.
The Millstein Center’s list of Rising Stars recognizes corporate governance professionals under the age of 40. The honorees were selected base on their past accomplishments and thought leadership, future projects and endeavors, reputation among existing industry leaders, and potential to influence the industry in the future.
The Rising Stars has been recognized on Monday, June 9, 2008 during a reception at the 2008 Yale Governance Forum hosted by the Millstein Center. Peter Taylor of Aberdeen Asset Management has also been chosen by the selection committee as one of the ten exceptional honorees to be highlighted at the event.
Aberdeen Global - Emerging Markets Fund receives AA rating from Standard & Poor’s
The recently launched Aberdeen Global Emerging Growth Fund confirmed its position as one of Thailand's leading FIF funds with the recent award of AA rating from Standard & Poor's received by the master fund, namely the Aberdeen Global - Emerging Markets Fund, based in Luxembourg.
Benjamin Lim, Head of Business Development and Marketing Thailand, comments:
The rating awarded to Aberdeen Global - Emerging Markets Fund by Standard and Poor’s is further recognition and endorsement of our management experience, disciplined investment processes and team based approach. We believe that the trump card lies in our intensive research, and our style of focusing closely on individual opportunities, and avoiding companies with bad governance or political patronage.'
The Aberdeen Global Emerging Growth Fund is the latest FIF offered by the asset manager in Thailand. Total assets under management aggregated from all its FIFs stand at 6.7 billion baht as of 25th April 2008.
Standard and Poor's assesses managers on the stability of their parent group, the appropriateness of their investment policies, and the sustainability of their performance. The ratings agency's methodology aims to identify the process, research skills, team strength and group solidity that lies behind the long-term outperformance of leading funds in each market and sector.
Aberdeen Global - World Equity Fund wins Morningstar award
The Aberdeen Global - World Equity Fund has been named Best Global Large-Cap Equity Fund in the Morningstar UK Fund Awards 2008.
The Awards are designed to help investors recognise funds and fund houses that have demonstrated excellent investment skill and the strength to deliver long-term out performance. Morningstar, a leading provider of independent investment research and data, meticulously assessed over 3000 UK-domiciled and foreign funds available to UK investors to identify ten individual funds as winners of the Category awards, and five fund houses have been recognised for their outstanding achievement in Equity, Fixed Interest and Multi-Asset Management.
James Thorneley, Communications Manager, commented:
“The Morningstar Award is recognition our global equity investment team’s hard work and their highly-regarded investment process.”