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abrdn PLC on Monday said it completed the acqusition of the healthcare fund management capabilities of Tekla Capital Management LLC via its US subsidiary abrdn Inc.
abrdn is an Edinburgh-based investor and asset manager. It said the deal includes four New York Stock Exchange-listed healthcare and biotech thematic closed-end funds that total £2.6 billion in assets under management, with revenue of £26 million in 2022.
abrdn said: ‘The transaction will also further strengthen abrdn’s closed-end fund business, where it currently manages £23.8 billion in AUM in US and UK listed closed-end funds, making abrdn the third largest closed-end fund manager in the world.’
The company said the acquisition provides it with benefits such as the ability to establish a firm-wide ‘centre of excellence’ for the healthcare and biotech sector within its developed market business.
Chief Executive Officer Stephen Bird said: ‘The Tekla team has an impressive 20-year track record investing in healthcare and biotech companies. They have built a highly-profitable business, which delivers great returns for investors.
‘As the world adapts to an environment where we are all living longer, there is a huge demand for capital in these sectors - matched with a demand from investors to support a clear global megatrend. We look forward to what the team can do now that they are part of the abrdn platform.’
abrdn shares rose 1.6% to 156.72 pence each on Monday morning in London.
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