Funds News

Aberdeen Asset Management says to buy U.S. firm Flag Capital Management

LONDON, May 27 (Reuters) - British fund manager Aberdeen Asset Management said on Wednesday it had agreed to buy U.S. private equity and real asset-focused peer Flag Capital Management for an undisclosed amount.

Flag managed around $6.3 billion in assets across a range of small-to-mid-cap private equity, and real assets in the United States, as well as private equity in the Asia-Pacific region at end-December, Aberdeen said in a statement.

The deal will take Aberdeen’s private equity unit to roughly $15 billion of assets under management and the broader alternatives platform to $21.3 billion, it added. (Reporting by Simon Jessop; editing by Carolyn Cohn)