For a cash consideration of approximately $37 million, Aberdeen Asset Management PLC has agreed the sale of the management contracts for two OEIC fund umbrellas containing ten open-end funds to Premier Asset Management Group Limited. As at 8 July 2009, these former Credit Suisse funds have total assets of some $1.4 billion.
The ten funds, along with over 190 funds domiciled in eight different countries, were part of the $59 billion of assets transferred to Aberdeen when it acquired various businesses from Credit Suisse. Aberdeen, having identified that the nature of these funds made them less suited to integration into the Aberdeen business model, concluded that the interests of investors in these funds would be better served under Premier's business model.
Completion of the transaction is subject to regulatory and shareholder consent.
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