Aberdeen buying German fund group

ABERDEEN, Scotland, July 7 (UPI) -- Aberdeen Asset Management will pay about $482 million to acquire Deutsche Bank's troubled British mutual fund operations.

Deutsche Asset Management has about $90 billion under management but has been losing investment mandates and staff because of stock price declines, the Financial Times reported Thursday.

The deal, which will treble assets under Aberdeen's management to about $130 billion, features a deferred element by which Aberdeen will only pay the full price if it is able to stem further mandate losses at DAM.

"This is a transformational acquisition for Aberdeen. We are acquiring some world-class businesses that will substantially increase our scale and diversify our revenue streams," said Martin Gilbert, Aberdeen's chief executive.