abrdn to sell $4bn private equity assets to HighVista Strategies

abrdn Inc., abrdn plc’s US subsidiary, today announces that it has entered into an agreement to transfer the management of approximately $4 billion in assets under management and 30 employees to HighVista Strategies LLC.

We concluded following a comprehensive business review of our private markets business that the US Private Equity and Venture Capital capabilities (from the acquisition of FLAG Capital Management) would be best developed under a different ownership and management structure.

The sale is expected to complete later this year.

Stephen Bird, CEO abrdn commented:

“The sale of our US private markets business to HighVista is a further step in delivering on our Group strategy. We have made strong progress in simplifying our investments business, focusing on products that are right for our clients where we have strength and scale.”

Rene Buehlmann, CEO investments added:

“Our investments business is focused to capitalise on the key themes shaping the market, through either public markets or alternatives. The sale of $4 billion of assets to HighVista underlines our commitment to exit non-core businesses that no longer align to our overall offering or product strategy.”

Rothschild & Co served as financial advisor and Proskauer Rose LLP served as legal advisor to abrdn plc, while PL Advisors served as financial advisor and Sidley Austin LLP served as legal advisor to HighVista Strategies LLC in connection with the Transaction.

ENDS

 

Notes to editors

About abrdn

• abrdn is a global investment company that helps clients and customers plan, save and invest for the future. Our purpose is to enable our clients to be better investors.
• abrdn manages and administers £500bn of assets for clients (as at 31 December 2022).
• Our strategy is to deliver client-led growth. We are structured around three businesses – Investments, Adviser and Personal – focused on their changing needs.
• The capabilities in our Investments business are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge.
• Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.
• As at 31 December 2022, our Investments business managed £376bn on behalf of clients - including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.

 

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