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Article: AAM loses private equity funds worth GBP 80 million
- Article from:
- The Scotsman
- Article date:
- February 9, 2005
- Author:
CopyrightCopyright 2005 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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ABERDEEN Asset Management has lost four investment funds worth
around GBP 80 million - slashing its private equity portfolio by a
fifth and knocking its shares by 2 per cent.
The company revealed that the boards of four venture capitalist
trusts (VCTs) had jumped ship to join London-based rival Close
Brothers. The move ends a torrid four-year relationship with the
trusts, which were acquired as part of Murray Johnstone in 2000.
An Aberdeen spokeswoman described the loss as "disappointing",
noting that the trusts had been performing well since the management
team was changed last October.
The quartet generated around GBP 1.5m a year for theoverall group,
and made up around 20 per cent of the ...