Aberdeen Asset Management has clarified its intentions regarding State Street Investor Services, which took over Credit Suisse Asset Management’s backoffice just in time for that firm’s sale to Aberdeen, which has a global backoffice relationship with BNP Paribas Securities Services.
The future remains unclear for Credit Suisse’s former Australian equity team post-Aberdeen acquisition after none of the team were offered positions with Aberdeen’s newly expanded $20 billion business.
The $450 million Spec(Q) has begun reallocating the 23 per cent cash heap it has amassed back to the market, having directed the $70 million of free cash flow the fund generates each year into cash since December 2007.
The managing director of Aberdeen Asset Management Asia has not ruled out further acquisitions in the Asia region on the back of the global takeover of Credit Suisse Asset Management’s traditional business.
Aberdeen Asset Management (Australia) chief executive, Bill Bovingdon, intends to continue in his dual role running Australian fixed income even when the size of his business trebles, assuming the April 30 completion of the assets-for-equity swap with Credit Suisse’s investment arm.