United Asset Management put Murray Johnstone, its Scottish fund management subsidiary, up for sale. The asking price is reported to be about £150 million ($225 million).
Jonathan Hubbard, a spokesman for UAM, said UAM and Murray Johnstone officials have been working together for some time to figure out what to do thats in the best interests of UAM shareholders and in the best interests of Murray Johnstone shareholders, and that could include a sale of the firm. The discussions between the two firms predate UAMs recent acquisition by Old Mutual, he said, but any deal now would have to have the approval of Old Mutual. UAM and Murray Johnstone have retained Donaldson, Lufkin & Jenrette to search for a buyer, he said.
Murray Johnstone manages £4.2 billion on behalf of private investors. At year-end, the firm reported $586 million under management for U.S. institutional tax-exempt investors.
Potential buyers are rumored to include rival Scottish firms Aberdeen Asset Management, Britannic Asset Management and Edinburgh Fund Managers.