Financial Services
Aberdeen Buys Artio for $175M
The asset manager also agreed to buy SVG Advisers for $27.3M and integrate it into its private equity fund of funds business
Aberdeen Asset Management PLC will buy Artio Global Investors Inc. (NYSE: ART), an asset management holding company, for $175 million.
The purchase price works out to $2.75 per share.
The deal should expand Aberdeen’s North American business and add to its fixed-income capabilities. The company manages about $302 billion in third-party assets.
As of Dec. 31, New York-based Artio managed about $14.3 billion in assets for a diversified retail and institutional client base. The deal is expected to close by the second or third quarter of 2013.
Aberdeen, headquartered in Philadelphia, also agreed to buy a 50.1 percent stake in SVG Advisers, a private equity specialist, for $27.3 million. SVG will be integrated into Aberdeen’s private equity fund of funds business.
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