Toscafund ups Aberdeen stake to more than 25 pct

LONDON, June 6 (Reuters) - Activist hedge fund Toscafund has raised its stake in Aberdeen Asset Management (ADN.L) by around another 50 million pounds ($97.89 million) to more than 25 percent, continuing its rapid stake-building of recent months.

Toscafund, which is run by Martin Hughes, increased its holding to 25.49 percent on Wednesday from 20.02 percent, according to a statement to the Stock Exchange on Friday, having increased its stake marginally on Monday. "Aberdeen is an excellent global asset manager covering nearly all product areas. We're supportive of management and believe their prospects are very good," a Toscafund spokesperson said. A source familiar with the matter told Reuters that Aberdeen and Toscafund had been in regular discussions since before the fund started buying.

Toscafund began buying into Aberdeen in March, and in April it became the fund firm's biggest shareholder. At 1425 GMT Aberdeen shares were down 0.9 percent at 135.5 pence. "Aberdeen welcomes all long-term shareholders," the firm said. Toscafund has been in the public eye several times in recent years and last year joined calls for a shake-up at Dutch bank ABN Amro, saying management had "failed to deliver acceptable returns". (Reporting by Laurence Fletcher, editing by Will Waterman)