Aberdeen beefs up its American operation

Aberdeen Asset Management has boosted its American team with the acquisition of the US equity asset management business of Nationwide Financial Services, an American fund group.

Under the deal, expected to be completed next week, Aberdeen’s wholly owned American subsidiary, based in Philadelphia, will take over the mandates on 30 American mutual funds totalling $7 billion (£3.5 billion) in assets under management.

Shahreza Yusof will head the operation after the amalgamation of the two investment teams. Yusof joined Aberdeen in 1994 and was the second graduate trainee under Hugh Young. The first was Chou Chong, Aberdeen’s head of pan-European equities.

Aberdeen’s £109m retail American Growth fund will continue to be managed by Rob Sellar, who is based in Philadelphia.

See ‘Aberdeen deals itself a strong hand’ www.fundstrategy.co.uk