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IPE special report May 2018

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Aberdeen Asset Management sells AVI

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UK – Aberdeen Asset Management has decided to sell its Asset Value Investors subsidiary to its management.

Aberdeen said the sale is expected to take place on September 30. It said that managers would pay a sum equalling AVI’s “retained earnings” at the end of this month, “plus an earn-out representing two thirds of the post-tax profits for the three years ending 30 September 2004 to 2006”.

AVI manages a number of funds for institutional clients and has a so-called “deep value investment style”. Its net assets and pre tax-profits for the last completed financial year were 1.8 million pounds and 2.9 million pounds respectively..

Aberdeen will use the proceeds to reduce borrowings. “The transaction will permit Aberdeen to continue its stated strategy of concentrating on mainstream activities within its core investment field and divesting non-core activities,” it said.

Aberdeen has been in the news recently with speculation over the fate of Iain Reid, the chairman of its property arm Aberdeen Property Investors.

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