Deal Boosts Aberdeen's AUM by Half a Billion
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Wednesday, June 9, 2010

Deal Boosts Aberdeen's AUM by Half a Billion

In March, The MFWire reported that Aberdeen Asset Management is picking up four funds from Bank of Hawaii's Pacific Capital Funds. Yesterday, Aberdeen officials spoke out about the deal.

"This reorganization allows us to add scale with funds that complement our existing mutual funds products," said Aberdeen CEO Gary Marshall in a news release.

Shareholders of four Pacific Capital Funds -- New Asia Growth Fund, International Stock Fund, Small Cap Fund and High Grade Core Fixed Income Fund -- approved the proposal at a meeting Friday last week. The reorganization will take place July 12.

In an SEC filing in March, Bank of Hawaii officials said the bank will be "further transitioning its asset management activities into an open architecture investment process."

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