Aberdeen Asset Management has agreed to acquire Arden Asset Management, a US-based hedge fund specialist, to bolster its alternatives footprint in the US.

Aberdeen in a statement said that the deal is in line with its strategy to strengthen and grow its global alternatives platform encompassing multi-manager research and selection across hedge funds, private equity, and property along with direct investments in infrastructure projects.

The deal will boost assets of Aberdeen Asset Management’s hedge fund unit to $11bn.

Aberdeen AM CEO Martin Gilbert said: "The acquisition of Arden emphasizes further Aberdeen’s commitment to diversifying its overall business and to growing its alternatives platform. The deal significantly strengthens our hedge fund solutions capability and expands our global client base."

Arden CEO & chairman Averell Mortimer said: "The deal creates a combined hedge fund platform with international reach overseen by an experienced team of investment and operational professionals.

"Becoming part of Aberdeen will enable us to share ideas and best practice that will assist in continuing to build on our proven track record of developing customized hedge fund and liquid alternative solutions for clients worldwide."

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The deal follows Aberdeen’s acquisition of FLAG Capital Management, a manager of private equity and real asset solutions, in May 2015.

The transaction is subject to regulatory approval from the UK FCA and Irish Central Bank along with the approval of the board of trustees and stakeholders of certain mutual funds.