Aberdeen Asset Management to buy FLAG

Scotland-based investment management firm Aberdeen Asset Management PLC has agreed to acquire FLAG Capital Management LLC, a provider of private equity and real asset solutions.

Financial terms were not disclosed. The transaction, announced Wednesday, is expected to be completed in the third quarter of this year.

FLAG, which has staff in the U.S. and Asia, manages about $6.3 billion in assets on behalf of its clients while Aberdeen is managing $490.8 billion in assets on behalf of its investors.

Pakenham Partners provided financial advice to Aberdeen on this deal. Berkshire Capital advised FLAG.

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