Mergers and Acquistions News
Categories: BPO
December 15th 2008, 16:02PM
Aberdeen Asset Management could be set to takeover Credit Suisse' Global Investors long-only funds division, it has been reported.
The firm has been looking to acquire a new division for several months, with it recently being linked to a takeover of New Star Asset Management, according to Citywire.
Credit Suisse is now planning to offer the division out for acquisition so it can focus on its higher-revenue private banking business during the current economic climate, the website claims.
The Swiss bank's Global Investors long-only funds division contains assets worth £145 billion, which would more than double the current funds managed by Aberdeen.
It is reported by Citywire that the acquisition would allow Aberdeen's chief executive Martin Gilbert to "get hold of assets" which fit in with the current overall profile of its business.
Recent research by analyst firm Zephyr found that EU merger and acquisition activity hit a 12-month low during November, with just 875 deals done worth a total of £30 billion.
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