Aberdeen absorbs $2.2B of Nationwide Funds

Aberdeen Asset Management Inc. today announced the completion of the reorganization of $2.2 billion in assets of 26 Nationwide Funds into newly created Aberdeen Funds. The move was the final step in a two-step transaction after West Conshohocken, Pa.-based Aberdeen Asset Management acquired Nationwide Fund Advisors’ active equity investment management business in October 2007. Nationwide Fund Advisors is a subsidiary of Columbus, Ohio-based Nationwide Financial Services Inc. "Aberdeen's acquisition of the 26 Nationwide Funds provides an established mutual fund platform for us to build on and to offer a wide range of mutual fund offerings, managed by highly regarded investment teams, to the U.S. marketplace," Martin Gilbert, chief executive officer of Aberdeen (Scotland) Asset Management PLC, parent company of Aberdeen, said in a statement. As of March 31, Aberdeen Asset Management had $46 billion in assets under management.