Aberdeen buys US fund manager for £118m

Aberdeen said it had bought the US-listed business for $2.75 a share, a premium to its NAV. The cost of the deal has risen marginally since it was first announced in February. At that time the group said the deal would cost the business £112m ($175m). The group said the price represented a premium of £30.5m ($46.3m) over Artio's unaudited net asset value at 31 March 2013. Artio has no borrowings and its net assets at 31 March 2013 included $112.4 million (£74.0 million) of cash and seed investments, Aberdeen said in a statement. The deal swells Aberdeen's AUM by £7bn ($10.6bn).