The purchase, for an undisclosed fee, has no specific date for completion, but Standard Life said it hoped it would not be too long. It said the acquisition would give its clients access to a wider range of alternative assets.
Aida Capital, which is FSA registered, was formed eight years ago with a client base that includes high net worth individuals, wealth managers and institutional investors both within and outside the UK.
Aida manages the Aida Open-Ended Fund, a Guernsey-listed investment vehicle
and the Aida Closed-Ended Fund, an investment fund listed on the London Stock Exchange.
Aida Capital’s management team will continue to manage these funds as well as creating and managing fund of hedge fund products for Standard Life Investments and its clients.
Keith Skeoch, chief executive of Standard Life Investments, said Standard Life Investments has a strong track record in managing alternative assets, with more than £8.5bn of commercial property, £4.6bn of private equity and over £2.2bn of Global Absolute Return Strategy funds under management.
He said: “We have considered an expansion into new alternative asset classes for some time and believe that the acquisition of Aida Capital, with its proven track record in managing hedge funds, would present us with a great opportunity to strengthen our alternative capacity.”
Standard Life Investments, launched in 1998, had £138.7bn assets under management at the end of 2009.
