PHILADELPHIA — Executives for Aberdeen Asset Management PLC are bulking up the firm's new fixed-income operations with additional staff, hoping to grow in the United States and abroad.
Aberdeen, which acquired Deutsche Asset Management's London-based equity and fixed-income teams, also bought its way into the U.S. institutional market by acquiring the majority of DeAM's Philadelphia-based active fixed-income business as part of the deal.
Gary Bartlett, chief investment officer and head of that unit, said his team has been given new life as a result of the acquisition, which closed Dec. 1 and is now focused on building a more efficient global fixed-income operation.
"The goal now is to become fully integrated worldwide," said Mr. Bartlett, who added that the acquisition provides the Philadelphia fixed-income unit with a "more global platform" to present to institutional investors.
Together, the Philadelphia and London teams that Aberdeen acquired from DeAM in the deal offer domestic, U.K., European, global and emerging fixed-income strategies that Mr. Bartlett said will complement Aberdeen's existing Asian and European high-yield fixed-income capabilities.
While Mr. Bartlett will lead the U.S. fixed-income team from Philadelphia, the firm will move Annette Fraser, senior portfolio manager who had worked in DeAM's London fixed-income office, to Singapore to head Aberdeen's existing Asian fixed-income team.
Both Mr. Bartlett and Ms. Fraser will report to Steve Ilott, the former head of DeAM's London fixed-income group who will continue to run U.K. fixed income and will also be the head of global fixed income for Aberdeen.
The London, Philadelphia and Singapore units are also moving to the same front-office and back-office technology and operations systems, an efficiency Mr. Bartlett said will let each of the offices "immediately use data rather than spending time searching for it."
The Philadelphia-based team, which manages about $24 billion in U.S. assets, predominantly in core fixed-income strategies, has been steadily increasing its staff since the deal with Aberdeen was announced last July.
Mr. Bartlett said more than 30 people have joined his office since July, bringing the total number of Philadelphia-based employees to 72. The Philadelphia team has added four fixed-income analysts to the investment team, as well as a number of new operations, legal and compliance staff to handle responsibilities that were previously managed by DeAM, he said.