Friday, 27 March 2015
Last updated 1 hour ago
Nov 14 2008 | 11:50am ET
One U.K.-based asset manager Aberdeen Asset Management is on the prowl for funds of hedge funds and funds of private equity funds selling at deep discounts, according to its CEO.
Martin Gilbert said that opportunities are "now pretty strong" due to the global financial crisis, and that Aberdeen could look at making small acquisitions, Reuters reports.
“Funds of hedge funds and funds of private equity are a lot cheaper than they were six months ago, and they are significantly cheaper than they were two years ago,” said Gilbert. “Funds of hedge funds, FOHFs, for example, were selling for 15% of assets under management two years ago. They are now down to very, very manageable levels, very attractive levels, and a lot of them are subscale, so I think there is an opportunity to consolidate in that area.”
Aberdeen currently manages some US$198.1 billion in mostly long-only assets and is looking to beef up its alternative investments business following demand from its institutional clients.
Gilbert said he expected more consolidation in the broader funds industry over the next year if market volatility continued.
“There is an amazing number of people talking to each other in the funds business. We certainly feel that we are among the acquirers rather than a business going to be acquired during the market downturn,” he said.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…