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Aberdeen continues spree with fund-of-funds manager purchase

first_imgIt will also require the approval of listed firms Advanced Developing Markets Funds and Advance Frontier Markets Fund, to which AEC is an investment manager.The £409m manager was started by 1996 and primarily focuses on allocating to investment managers and funds in emerging and frontier markets.It adds four investment professionals to Aberdeen’s business.AEC operates both open and closed funds and will add £8.5bn to Aberdeen’s closed fund business, the company said.Martin Gilbert, chief executive at Aberdeen, said AEC added to the range of alternatives offered by the company.“AEC investors will benefit from the management team’s being part of a larger, independent asset manager and the ability to draw on the group’s established distribution and operational expertise in regard to closed-end funds,” he said.Aberdeen recently purchased Flag Capital Management, a private equity manager, in addition to completing the full purchase of its private equity joint venture with SVG Capital.It has also entered an agreement to buy Arden Asset Management, a US hedge fund manager, which it said would expand its distribution in the region and build its hedge fund and alternatives capabilities. Aberdeen Asset Management is set to acquire Advanced Emerging Capital (AEC), a London-based emerging and frontier market fund-of-funds business.The £307bn (€418bn) asset manager will add AEC into its alternatives business.The news follows recent acquisitions boosting Aberdeen’s hedge fund capabilities in the US and private equity.The AEC deal is set to be completed by the end of 2015, subject to regulatory approval.last_img read more

Rory McIlroy sabotages PGA Championship chances with three-putt triple bogey

first_imgPGA CHAMPIONSHIP: Leaderboard | Projected cut lineAnd it’s not as though McIlroy had a lag putt followed by two testers; all of the putts were seven feet or shorter.Before the meltdown on the par-4 12th, McIlroy — who is playing with Tiger Woods and Justin Thomas in the first two days of the tournament — had made four consecutive birdies on Holes 7-10 before parring the 11th. He shot an even-par 70 in his first round Thursday. He also unwittingly foreshadowed the prospect of blowing up on the green in Round 2.”Need to hit a few more fairways (Friday) to try to attack some pins and get it closer, and not leave myself four- and five-footers for par all day,” he told reporters.McIlroy recovered well after the misstep. He made five pars and a birdie in his final six holes to finish at 1 under for the round and tournament. He made the cut and will play on the weekend. He is, however, still seven strokes behind leader Haotong Li. Rory McIlroy was moving up the leaderboard at the PGA Championship on Friday in San Francisco. Then he got to the 12th green at Harding Park.Three miserable putts later, and the former world No. 1 dropped from 3 under to even par for the tournament. More importantly, the triple bogey put him eight shots out of the 36-hole lead.last_img read more