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Proposed Acquisition of parts of Credit Suisse's Global Investors

Aberdeen Asset Management PLC (‘Aberdeen’ or ‘the Group’)announces that it has entered into a definitive agreement with Credit Suisse Group AG (‘Credit Suisse’) to acquire certain fund management assets and businesses (‘the Acquired Business’) (‘the Acquisition’), subject to shareholder and certain regulatory approvals.

The purchase consideration will be satisfied by the issue to Credit Suisse of a maximum of 240 million new ordinary shares in Aberdeen, equivalent to 24.97% of the enlarged Group’s issued ordinary share capital, valued at £250 million based on the Aberdeen closing share price of 104.25 pence on 30 December 2008. The actual number of new ordinary shares to be issued to Credit Suisse will depend on the level of run-rate revenues delivered at the closing of the Acquisition, which is anticipated will take place on, or around, 30 June 2009 (‘the Closing’).

The assets under management (‘AuM’) the subject of the Acquisition were CHF75 billion (£40 billion) as at 30 November 2008, with associated run-rate revenues of approximately CHF220 million (£118 million) per annum and were this level of runrate revenues to be delivered at Closing, the maximum purchase consideration of 240 million new ordinary shares would be payable.

The Acquired Business is a long-only traditional asset manager with a leading presence in Europe, Asia and Australasia. It offers a broad product range, diversified predominantly across fixed income, money market and equities, with a variety of investment styles that will be integrated into Aberdeen’s investment processes. Its products are sold primarily to third party clients, with a significant minority of assets sourced through Credit Suisse’s Private Banking division, one of the world’s largest wealth managers.

Aberdeen has agreed an extension of the existing distribution agreement with Credit Suisse, to be signed on Closing. This will give Aberdeen greater access to the banking network of Credit Suisse.

The key benefits of the Acquisition for Aberdeen are:

  • the opportunity to achieve greater scale in certain markets where the Group already has a presence, such as the UK, Australia, Germany, Switzerland and Japan. The Acquisition will also strengthen Aberdeen’s offering in certain product areas
  • greater access to the distribution network of both Credit Suisse and Credit Suisse’s Private Banking division;
  • the introduction of another significant, long-term, quality shareholder, whose aims are aligned with Aberdeen’s;
  • the strengthening of Aberdeen’s balance sheet by the issue of new shares and a reduction in relative gearing as the Acquired Business is debt free;
  • substantial cost efficiencies and enhanced financial performance through the application of Aberdeen’s efficient operating model to the Acquired Business; and
  • significant earnings enhancement (before any amortisation of intangible assets) from Closing.

Commenting on the Acquisition, Martin Gilbert, Chief Executive of Aberdeen, said:

“The acquisition confirms Aberdeen’s position as a leading global asset manager and provides us with greater access to the distribution network of Credit Suisse and its Private Banking division, one of the world’s largest wealth managers.

“This transaction fits perfectly within our strategy, a key part of which has been to make earnings enhancing acquisitions which give the business critical mass in our core competencies, complementing our organic growth.

“Given our proven track record of integrating businesses, we are well placed to ensure a smooth transition of the Credit Suisse assets to Aberdeen. We look forward to welcoming our new colleagues and clients, and also to welcoming Credit Suisse as a significant shareholder in Aberdeen. We believe that this transaction will be for the long-term benefit of all our shareholders.”.

Rob Shafir, CEO of Credit Suisse’s Asset Management Division, said:

“We believe this transaction offers our clients a compelling opportunity, providing them with access to an enhanced suite of investment products provided by a premier manager that historically has had strong performance across many asset classes. It also enables us to maximize the value of our Global Investors business, as we announced we would do earlier this year, and benefit from our new partner’s advantages of scale in a consolidating marketplace. ”.

Martin Hughes, Chief Executive of Toscafund, Aberdeen’s largest shareholder said:

“Toscafund has already confirmed its support for this transformational acquisition, which has been made possible by the excellent operating platform offered by Aberdeen. Toscafund believes that the transaction is of clear benefit to the clients and shareholders of Aberdeen Asset Management and Credit Suisse.”.

Aberdeen Asset Management States Its Not Exposed to Current crisis Companies

Bangkok, 18 September 2008 - Aberdeen Asset Management, one of the leading financial institutions in Thailand and Asia, has stressed to concerned customers that it has no direct links to companies involved in the current financial crisis.

Robert Penaloza, Chief Executive Officer of Aberdeen Asset Management said: “Following the unprecedented events on Wall Street over the past few days, led by the demise of Lehman Brothers, we have checked through our funds available for sale in Thailand and through our direct exposure is nil among equities and fixed income.”

He added: “Specifically, we note that none of the equity master funds within our FIF range hold stock in AIG, Lehman Brothers, Merrill Lynch or Washington Mutual.

He stated that the company’s strategic and professional approach to investments had kept Aberdeen on course that investors need not panic.

He stressed, “The Aberdeen Global - World Equity Fund has not held any US banks for over four years, reflecting our skeptical view of US banks in general.”

Aberdeen has recently launched a series of educational seminars to assist Thai investors and the company continues to advocate that investors take a long-term investment strategy.

Aberdeen Asia, recognized for its Corporate Governance

New Haven, Conn., June 9, 2008 – The Millstein Center for Corporate Governance and Performance at the Yale School of Management has named Peter Taylor, Head of Corporate Governance at Aberdeen Asset Management Asia Limited as one of the 56 young professionals as “Rising Stars of Corporate Governance.”.

The Millstein Center’s list of Rising Stars recognizes corporate governance professionals under the age of 40. The honorees were selected base on their past accomplishments and thought leadership, future projects and endeavors, reputation among existing industry leaders, and potential to influence the industry in the future.

The Rising Stars has been recognized on Monday, June 9, 2008 during a reception at the 2008 Yale Governance Forum hosted by the Millstein Center. Peter Taylor of Aberdeen Asset Management has also been chosen by the selection committee as one of the ten exceptional honorees to be highlighted at the event.

Aberdeen Global - Emerging Markets Fund receives AA rating from Standard & Poor’s

The recently launched Aberdeen Global Emerging Growth Fund confirmed its position as one of Thailand's leading FIF funds with the recent award of AA rating from Standard & Poor's received by the master fund, namely the Aberdeen Global - Emerging Markets Fund, based in Luxembourg.

Benjamin Lim, Head of Business Development and Marketing Thailand, comments:

The rating awarded to Aberdeen Global - Emerging Markets Fund by Standard and Poor’s is further recognition and endorsement of our management experience, disciplined investment processes and team based approach. We believe that the trump card lies in our intensive research, and our style of focusing closely on individual opportunities, and avoiding companies with bad governance or political patronage.'

The Aberdeen Global Emerging Growth Fund is the latest FIF offered by the asset manager in Thailand. Total assets under management aggregated from all its FIFs stand at 6.7 billion baht as of 25th April 2008.

Standard and Poor's assesses managers on the stability of their parent group, the appropriateness of their investment policies, and the sustainability of their performance. The ratings agency's methodology aims to identify the process, research skills, team strength and group solidity that lies behind the long-term outperformance of leading funds in each market and sector.

Aberdeen Global - World Equity Fund wins Morningstar award

The Aberdeen Global - World Equity Fund has been named Best Global Large-Cap Equity Fund in the Morningstar UK Fund Awards 2008.

The Awards are designed to help investors recognise funds and fund houses that have demonstrated excellent investment skill and the strength to deliver long-term out performance. Morningstar, a leading provider of independent investment research and data, meticulously assessed over 3000 UK-domiciled and foreign funds available to UK investors to identify ten individual funds as winners of the Category awards, and five fund houses have been recognised for their outstanding achievement in Equity, Fixed Interest and Multi-Asset Management.

James Thorneley, Communications Manager, commented:

“The Morningstar Award is recognition our global equity investment team’s hard work and their highly-regarded investment process.”