UK – Aberdeen Asset Management has bought out London based Ivory & Sime Asset Management (ISAM) from the Friends Ivory & Sime stable in a cash deal worth £6.5m plus the value of the net assets at completion – expected to amount to a further £2.1m.
The buy-out adds approximately £600m in assets to Aberdeen’s funds under management.
ISAM’s portfolios include the British Empire Securities and General Trust – a quoted investment trust and the European Asset value fund – aLuxembourg SICAV, as well as funds managed on behalf of international institutional clients.
The firm’s investment management team, led by John Walton, will transfer to Aberdeen on completion of the transaction.
In addition, Aberdeen will pay a deferred consideration of £1m to Friends Ivory & Sime should the ISAM funds under management remain stable or increase by the second anniversary of the close of the deal.
Martin Gilbert, chief executive of Aberdeen Asset Management, comments: “We are obviously delighted that John Walton and his team have agreed to join Aberdeen Asset Management. They have demonstrated outstanding performance over a long period, manage well-established funds and have a strong relationship with their clients. Furthermore, their investment style extends our product offering at a time when investors are looking for choice.”