Abrdn subsidiary acquires US healthcare funds
Abrdn’s US subsidiary Abrdn Inc is acquiring the healthcare fund management capabilities of Tekla Capital Management, a global specialist healthcare investment adviser based in Boston, Massachusetts.
The deal includes four NYSE listed healthcare and biotech thematic closed-end funds, totalling £2.6bn in assets under management (AUM), with £26m revenues in 2022.
As part of the deal, Tekla’s investment team will also be joining Abrdn.
The transaction will also further strengthen abrdn’s closed-end fund business, where it currently manages £24.2bn in AUM in US and UK listed closed-end funds, making abrdn the third largest closed-end fund manager in the world.
Abrdn chief executive Stephen Bird said; “We have been clear that we will continue to invest in opportunities where we see capabilities that we need and that offer compelling value, and this acquisition strongly meets our criteria.
“imTekla is a leader in a field that offers compelling long term growth prospects, supported by demographic trends and the growing role of technology in healthcare.
“With £2.6bn AUM, resilient revenue dynamics, and deep expertise in a market with attractive structural drivers, this deal represents another important step forward for our Investments business.”