Aberdeen Asset Management has completed the purchase of FLAG Capital Management, a private markets manager with offices in Stamford, Boston and Hong Kong, to boost its alternatives business.
The combined entity will now employ around 50 professionals in the US, Europe and Asia.
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FLAG has raised over $7bn of discretionary commitments from its client base since its launch and its investments are focused on venture capital, small-to mid-cap private equity, and real assets in the US, as well as private equity in Asia.
This deal is part of Aberdeen’s strategy to expand its alternatives business via multi-manager hedge funds, property and private market allocations, direct infrastructure investments and pan-alternative capabilities.
In May 2015, Aberdeen Asset Management agreed to acquire FLAG Capital Management (FLAG), a private equity manager with US and Asia-focused investment capability.
Recently, Aberdeen Asset Management agreed to acquire Arden Asset Management, a US-based hedge fund specialist, to bolster its alternatives footprint in the US. The transaction is scheduled to close by the end of 2015.
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By GlobalDataFollowing the purchase of Arden, Aberdeen’s alternatives division will have $30bn of assets under management.
Aberdeen Asset Management global head of alternatives Andrew McCaffery said: "The acquisition of FLAG is very important for our alternatives business. This deal will help us meet that aim. We are now one of a handful of private equity investors with genuine local expertise in the US, Europe and Asia."
