The New Jersey Division of Investment, which manages investments for the $79 billion New Jersey Pension Fund, Trenton, revised its decision to redeem its full interest in the Arden Garden State NJ Fund, because the fund manager — Arden Asset Management — is being acquired by Aberdeen Asset Management.
If the acquisition is completed, the division plans to make a partial withdrawal — $144 million instead of the $419 million in the Arden Garden State NJ Fund’s current market value. The division announced its intention in a notice filed Wednesday with the State Investment Council, which governs investment policies for the division.
In July, the division announced it would redeem its full interest in the Arden fund because the management company had experienced “a high level of turnover among its investment professionals.”
On Wednesday, the division, a unit of the state Treasury Department, reported to the investment council that Aberdeen’s proposed acquisition of Arden “should provide business stability to Arden.”
Aberdeen announced on Aug. 4 that it was acquiring Arden; the deal is expected to close during the fourth quarter of 2015. Terms were not announced.
