Aberdeen Asset Management has bought German property investment manager Degi from Dresdner Bank for €110m in cash, including €23m for Degi’s net assets.
The acquisition follows a falling out between Degi and parent company Dresdner Bank.
Degi had suffered outflows of €1.9bn from its Grundwert Fonds after Dresdner Bank advised retail investors to switch to property funds run by Morgan Stanley and Credit Suisse.
As a result, the relationship between Degi and Dresdner, which distributes 50% of Degi products, came under pressure.
Degi will retain both its current management and its brand name.
