PHILADELPHIA - CoreStates Financial Corp. purchased a 14.5% stake in $3.5 million U.K. money manager, Aberdeen Trust PLC, for an undisclosed amount.
Martin Gilbert, chief executive for emerging markets specialist Aberdeen, said in an interview the deal is a strategic move for the firm to get access to U.S. markets.
Similarly, the deal will allow $9 billion manager CoreStates to collaborate with Aberdeen, particularly in emerging markets, said Mark Stalnecker, chief trust and investment management officer in a prepared statement. The all-cash transaction is expected to close Feb. 7.
