Aberdeen Asset Management

Aberdeen Asset Management was an international investment management company established in Aberdeen, Scotland, in 1983. It managed money for institutional investors, financial intermediaries and private clients through offices and investment teams in the United Kingdom and overseas. Its capabilities covered equities, fixed income, property, private equity and multi-asset portfolios, with services delivered through investment funds, segregated mandates and related wealth-management arrangements. The company began through a management buy-out of an investment trust and became publicly listed on the London Stock Exchange in 1991. Much of its subsequent growth came through acquisitions, including Murray Johnstone, Edinburgh Fund Managers, selected Deutsche Asset Management businesses, Glasgow Investment Managers, Goodman Property Investors, parts of Credit Suisse Asset Management and selected RBS Asset Management contracts and assets. These transactions broadened its geographic reach and expanded its investment capabilities. A particularly important transaction was the 2013 purchase of Scottish Widows Investment Partnership from Lloyds Banking Group. The deal increased Aberdeen’s scale substantially and strengthened its position among Europe’s listed fund managers. In 2015, the company also agreed to acquire US private-markets manager Flag Capital Management, further expanding its private-equity capabilities. Aberdeen operated primarily in the United Kingdom but developed a substantial international network, particularly in Asia, Oceania and the Americas. Before its combination with Standard Life, it reported more than 2,500 employees across 37 offices in 25 countries. Aberdeen served as a title sponsor and supporter of several sporting events, including rowing, sailing and golf competitions, using sponsorship to increase visibility in its home market and international locations. In March 2017, Aberdeen Asset Management agreed to combine with Standard Life in an all-share transaction. The merger completed on 14 August 2017, when Aberdeen ceased to be an independently listed company and became part of the renamed Standard Life Aberdeen plc. The combined investment-management business subsequently traded under the Aberdeen Standard Investments name. Standard Life Aberdeen later changed its corporate name to abrdn plc in 2021, and the former Aberdeen operations were progressively incorporated into the abrdn brand architecture. Aberdeen Asset Management is therefore a historical company and brand rather than a separately operating listed asset manager.

Aberdeen Asset Management originated in Aberdeen, Scotland, in 1983 through a management buy-out of an investment trust. The business was created as an independent investment manager and initially focused on managing capital for institutional and private investors. It expanded its capabilities across equities, bonds, property and other asset classes, while developing investment funds and discretionary mandates for different client groups. The company became listed on the London Stock Exchange in 1991. During the 2000s and early 2010s, its expansion was driven substantially by acquisitions. In 2000 it acquired Murray Johnstone, followed by Edinburgh Fund Managers in 2003. It purchased selected parts of Deutsche Asset Management in 2005 and 2007, Glasgow Investment Managers in 2007 and Goodman Property Investors in 2008. In 2009 it acquired certain investment businesses from Credit Suisse Asset Management, and in 2010 it acquired selected contracts and assets from RBS Asset Management. These transactions helped Aberdeen build a broader investment platform and an international operating presence. The company managed money for institutions, intermediaries and private clients, with investment desks and major operations in locations including Aberdeen, London, Philadelphia and Singapore. Before its merger with Standard Life, it had more than 2,500 employees working through 37 offices in 25 countries. Its international growth was especially visible in Asia, Oceania and the Americas, although the United Kingdom remained its principal market. In November 2013, Lloyds Banking Group sold Scottish Widows Investment Partnership to Aberdeen for a reported £660 million. The acquisition significantly increased Aberdeen’s assets and scale, making it one of Europe’s largest listed fund managers. In May 2015, Aberdeen agreed to acquire Flag Capital Management in the United States. Flag’s private-equity expertise complemented Aberdeen’s existing platform and was expected to increase the private-equity assets managed by the group. Aberdeen also used sponsorships to strengthen its corporate profile. It sponsored The Boat Race from 1999 to 2001 and later became title sponsor of Philadelphia’s Dad Vail Regatta under a four-year agreement beginning in 2010. In 2012 it took over sponsorship of the Scottish Open golf tournament for three years. Other associations included Cowes Week, the Aberdeen Brunei Senior Masters, Edinburgh Rugby and individual sports personalities. In March 2017, Aberdeen Asset Management reached an agreement to merge with Standard Life in an all-share transaction. The transaction completed on 14 August 2017. Aberdeen’s separate listing ended and its operations became part of Standard Life Aberdeen, the renamed combined group. The investment-management activities were subsequently presented under the Aberdeen Standard Investments brand. In 2021, the parent company changed its name to abrdn plc, and the legacy Aberdeen investment businesses were progressively integrated into the abrdn brand. The Aberdeen Asset Management entity is consequently best understood as a former independent company and historical brand.

1. 2022Sale of remaining controlling Massmart shares

   Aberdeen and the Public Investment Corporation announce the sale of remaining controlling Massmart shares to Walmart.

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2. 2021Parent group adopts the abrdn name

   Standard Life Aberdeen changes its corporate name to abrdn plc, beginning the transition of legacy Aberdeen activities to the abrdn brand.

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3. 2018Aberdeen Standard Investments identity

   The combined group’s investment-management business operates under the Aberdeen Standard Investments name.

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4. 2017Merger with Standard Life

   An all-share merger completes on 14 August, creating Standard Life Aberdeen and ending Aberdeen Asset Management’s independent listing.

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5. 2015Flag Capital Management acquisition agreement

   Aberdeen agrees to acquire US private-equity manager Flag Capital Management.

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6. 2013Scottish Widows Investment Partnership acquisition

   Aberdeen agrees to acquire Scottish Widows Investment Partnership from Lloyds Banking Group in a reported £660 million transaction.

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7. 2010Acquisition of selected RBS Asset Management contracts and assets

   The company acquires selected contracts and assets from RBS Asset Management.

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8. 2009Acquisition of selected Credit Suisse Asset Management businesses

   Aberdeen acquires certain investment businesses from Credit Suisse Asset Management.

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9. 2008Acquisition of Goodman Property Investors

   Aberdeen strengthens its property-investment capabilities through the acquisition of Goodman Property Investors.

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10. 2007Further Deutsche Asset Management and Glasgow acquisitions

    The company acquires additional Deutsche Asset Management businesses and Glasgow Investment Managers.

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11. 2005First acquisition of selected Deutsche Asset Management businesses

    Aberdeen acquires selected Deutsche Asset Management operations, broadening its capabilities and client base.

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12. 2003Acquisition of Edinburgh Fund Managers

    The company acquires Edinburgh Fund Managers as part of its expansion in the United Kingdom.

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13. 2000Acquisition of Murray Johnstone

    Aberdeen expands its investment-management platform through the acquisition of Murray Johnstone.

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14. 1991London Stock Exchange listing

    Aberdeen Asset Management becomes a publicly listed company on the London Stock Exchange.

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15. 1983Aberdeen Asset Management is established

    The company is created in Aberdeen, Scotland, through a management buy-out of an investment trust.

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A global, research-led investment manager serving institutional and private investors across public and private markets.

• Equity investment managementPublic equities

  Aberdeen managed actively invested equity portfolios across regional and global markets. These capabilities served institutional investors, investment funds, intermediaries and private clients seeking exposure to listed companies and long-term capital growth.

• Fixed income investment managementFixed income

  The company managed bond and other fixed-income portfolios for clients seeking income, diversification, liquidity and defined risk exposure. Fixed-income mandates formed part of its institutional and pooled-fund investment offering.

• Property investment managementReal estate2008

  Aberdeen provided investment management focused on property assets and related vehicles. This capability was strengthened by the acquisition of Goodman Property Investors and offered clients access to long-duration real-estate exposure.

• Multi-asset investment managementMulti-asset

  Multi-asset portfolios combined equities, fixed income, property and other investments to pursue diversified risk and return objectives. The approach supported mandates requiring asset allocation across several market environments.

• Private equity and private marketsAlternative investments2015

  Aberdeen developed private-equity and related private-markets capabilities through internal activity and acquisitions, including the agreed purchase of Flag Capital Management in 2015. These activities provided investors with exposure to less-liquid, privately held assets.

• Institutional and private-client mandatesInvestment services

  The company managed segregated portfolios, pooled funds and other investment arrangements for pension schemes, institutions, financial intermediaries and private investors. Services were adapted to different jurisdictions, objectives and risk profiles.

• 2012Scottish Open golf sponsorship

  United Kingdom · Scotland

  Aberdeen took over sponsorship of the Scottish Open golf tournament for a three-year period.

  Outcome. The sponsorship connected the company’s Scottish identity with an international professional sporting event.

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• 2010Dad Vail Regatta title sponsorship

  United States

  Aberdeen signed a four-year agreement to serve as title sponsor of Philadelphia’s Dad Vail Regatta, including its 75th anniversary event.

  Outcome. The sponsorship supported the company’s visibility in Philadelphia, where it maintained a North American headquarters.

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• 1999The Boat Race sponsorship

  United Kingdom

  Aberdeen sponsored The Boat Race from 1999 through 2001, associating the investment manager with one of the United Kingdom’s best-known rowing events.

  Outcome. The sponsorship ended after the 2001 event.

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• Additional sport and event sponsorships

  United Kingdom · Europe · Asia-Pacific

  The company also supported Cowes Week, the Aberdeen Brunei Senior Masters, Edinburgh Rugby and individual sporting figures including Colin Montgomerie, Paul Lawrie and Paul di Resta.

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• 2021Transition to the abrdn brandStrategy

  The post-merger group sought a unified corporate identity for its investment, wealth and related businesses.

  What changed. Standard Life Aberdeen changed its corporate name to abrdn plc and began consolidating legacy investment businesses under the new brand.

  Aftermath. Aberdeen Asset Management remained primarily a historical name rather than a separate operating brand.

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• 2017Merge with Standard LifeM&A

  Aberdeen and Standard Life pursued an all-share combination to create a larger diversified financial-services group.

  What changed. The merger completed on 14 August 2017. Aberdeen Asset Management became part of Standard Life Aberdeen and ceased to be independently listed.

  Aftermath. The investment-management activities were marketed under Aberdeen Standard Investments before the parent group later adopted the abrdn name.

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• 2015Agree to acquire Flag Capital ManagementM&A

  Aberdeen wanted to increase its private-equity capabilities and assets under management in the United States.

  What changed. The company agreed to acquire US counterpart Flag Capital Management; the transaction value was not publicly specified in the reference material.

  Aftermath. The deal was expected to double the private-equity assets under Aberdeen’s control and deepen its US private-markets presence.

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• 2013Acquire Scottish Widows Investment PartnershipM&A

  Aberdeen sought to increase its scale and broaden its investment-management platform through a major acquisition from Lloyds Banking Group.

  What changed. It agreed to acquire Scottish Widows Investment Partnership in a reported £660 million transaction.

  Aftermath. The transaction substantially increased Aberdeen’s assets and strengthened its position among Europe’s listed fund managers.

  Reported transaction value. £660 million (November 2013)

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• 2022Aberdeen and PIC agree to sell remaining controlling Massmart shares to Walmart

  Aberdeen Asset Management and South Africa’s Public Investment Corporation announced the sale of the remaining controlling shares in South African retailer Massmart to Walmart in an all-cash transaction. The reported transaction value was approximately $377.6 million.

  M&A
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• 2021Standard Life Aberdeen changes corporate name to abrdn

  The parent group adopted the abrdn corporate identity, beginning a further transition away from the separate Aberdeen Asset Management and Standard Life naming structure.

  Other
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• 2018Combined asset-management business adopts Aberdeen Standard Investments name

  Following the Standard Life combination, the group marketed its investment-management activities under the Aberdeen Standard Investments name.

  Other
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• 2017Aberdeen Asset Management agrees to merge with Standard Life

  Aberdeen and Standard Life announced an all-share merger that created a larger listed financial-services group. The combination completed on 14 August 2017, ending Aberdeen’s independent stock-market listing.

  M&A
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• 2015Aberdeen agrees to acquire Flag Capital Management

  The company agreed to acquire US-based Flag Capital Management, a private-equity investment manager. The transaction was intended to expand Aberdeen’s private-markets assets and strengthen its presence in the United States.

  M&A
  Source
• 2013Aberdeen agrees to acquire Scottish Widows Investment Partnership

  Aberdeen Asset Management agreed to buy Scottish Widows Investment Partnership from Lloyds Banking Group in a transaction reported at £660 million. The deal materially increased Aberdeen’s scale and expanded its investment-management platform.

  M&A
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1. Aberdeen Asset Management
2. abrdn corporate information
3. Aberdeen Standard Investments