Aberdeen Asset Management is to acquire Arden Asset Management LLC, a hedge fund business based in New York and London.
Arden manages hedge fund portfolios using proprietary manager selection and portfolio construction processes. It works with a wide range of clients, including corporate and state pension funds, sovereign wealth funds, global banks and retail investors. Since 2012, it has offered a daily liquidity product in the US market giving exposure to diversified, alternative investment strategies. The combined hedge fund and alternatives team at Aberdeen and Arden will have over 30 investment professionals and around $11 billion in assets under management.
The purchase is part of Aberdeen’s strategy to strengthen and grow its global alternatives platform which includes hedge funds, private equity, property and infrastructure. The strategy aims to give Aberdeen’s clients access to alternative strategies through liquid strategies, private markets and real assets. Aberdeen Asset Management chief executive, Martin Gilbert, commented: “Institutional investors are looking to hedge fund solutions to offer risk/return profiles not available via mainstream strategies and traditional asset classes. The deal significantly strengthens our hedge fund solutions capability and expands our global client base. Arden’s liquid alternatives platform in the US is particularly attractive as it provides investors with exposure to a portfolio of hedge fund-like strategies but importantly offers daily liquidity.”