Aberdeen Asset Management has acquired US hedge fund manager Arden Asset Management to build up its alternatives solutions.

The FTSE-listed manager said the acquisition, its second in the US this year, would boost its global alternatives offering, focused on hedge funds, private equity, infrastructure and real estate.

Aberdeen did not disclose the price it paid for Arden but said the deal would complement its existing hedge fund solutions and bring its assets under management in the space up to $11bn (€10bn).

It said its hedge fund clients would now get immediate access to Arden’s daily liquidity hedge fund product, launched in 2012.

Arden’s purchase is still subject to regulatory approval by UK authorities, and trustees of some mutual funds involved with the group, but Aberdeen expects it to be completed by 2016.

In May, Aberdeen bought US private equity house Flag Capital Management and said its alternatives assets under management should reach $30bn after both transactions were complete.

Employee-owned Arden said becoming part of the Aberdeen organisation would allow it to develop its hedge fund solutions globally.

The company has offices in London and New York.

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