Aberdeen Asset Management is to buy Ivory & Sime Asset Management (ISAM) from Friends Ivory & Sime f...
Aberdeen Asset Management is to buy Ivory & Sime Asset Management (ISAM) from Friends Ivory & Sime for £6.5m, plus the value of the net assets at completion, expected to be around £2.1m.
London-based ISAM manages British Empire Securities, quoted investment trust General Trust, Luxembourg SICAV the European Asset Value fund and funds on behalf of international institutional clients. ISAM's total assets under management at the beginning of the year were around £600m.
The ISAM investment management team, led by John Walton, will be transferring to Aberdeen on completion of the transaction to manage the funds.
Martin Gilbert, Chief Executive of Aberdeen Asset Management said: "We are obviously delighted that John Walton and his team have agreed to join Aberdeen Asset Management. They have demonstrated outstanding performance over a long period, manage well-established funds and have a strong relationship with their clients. Furthermore, their investment style extends our product offering at a time when investors are looking for choice."
A deferred consideration of £1m will be payable on the second anniversary of completion if funds under management are greater than or equal to those at the completion date. The acquisition is also subject to regulatory approval.
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