Aberdeen buys Taiwan entity of Hong Kong-based fund manager
Aberdeen Asset Management has expanded its Asian reach by acquiring the Taiwan business of a Hong Kong based investment firm.
Aberdeen said in a statement that the company has agreed to acquire Value Partners Concord Asset Management (VPC) for an undisclosed sum, subject to regulatory approvals.
The acquisition follows, as reported, Aberdeen receiving the rubber stamp from shareholders last week, to merge with insurance giant Standard Life. The merger will see a new company Aberdeen Standard Life formed once regulatory approval is received.
The acquisition of VPC increases the company’s presence in the region. Aberdeen has been operating in Taiwan since 2007.
There are set to be substantial job losses job losses in the UK as a result of the merger but is still unclear how the Asian operations will be affected. The Aberdeen-Standard Life transaction is expected to complete in mid-August.