Aberdeen Asset Management acquires 10% of GloBAl

Aberdeen Asset Management plc, the international financial services group that specialises in investment management, has acquired 10% of the issued ordinary share capital of GloBAl Financial Services Group plc.

GloBAl was formed recently through the merger between Globe Financial Management (GFM) plc and the Malta operation of British American Insurance. The acquisition represents 3.5 million ordinary shares, and has been cleared with the Malta Financial Services Centre. An announcement was made last week through the Malta Stock Exchange.

GFM had secured the exclusive representation in Malta of Aberdeen Asset Management in April last year, shortly after being listed on the Malta Stock Exchange. The two organisations have since built a steady relationship, which has led to the now direct participation of Aberdeen in the Maltese financial services market.

Christopher J. Pace, chairman of GloBAl, said: "The direct involvement of Aberdeen Asset Management in the company will greatly add value to shareholders and clients.

"We are extremely pleased that this has come through. It shows great faith in the prospects of the newly-merged operation; but above all, it shows trust in the Maltese financial services market."

Aberdeen, whose origins date to 1876, listed on the London Stock Exchange in 1991. It carries out investment business and manages corporate funds, unit trusts and life and pension funds in excess of $40 billion ($33.7 billion in Europe), through subsidiaries in many parts of the world.

Its main subsidiaries in the UK are Aberdeen Asset Managers Ltd and Aberdeen Unit Trust Managers Ltd, which are regulated by the UK Financial Services Authority.

Aberdeen Asset Management plc has been wholly dedicated to investment management since 1983, and has more than 1,350 staff, including 250 analysts and portfolio managers. Its market capitalisation is £451 million, and it has 27 offices in 15 countries.

Its main investment services locations are London, Glasgow, Jersey, Singapore, Chicago, Fort Lauderdale, Sydney and Dublin.