Aberdeen Asset Management PLC (”AAM”) announced on 5 April 2004 that it had conditionally agreed to sell its UK and Continental European property investment management businesses to Arlington Securities Limited (”the Disposal”). AAM is retaining its Nordic property investment management business (”Aberdeen Property Investors Nordic”).
The Disposal completed on 25 May 2004. From 25 May 2004 Nico Tates will stand down as Chief Executive Officer of AAM’s Continental European property investment management business and will remain with the AAM group, joining Aberdeen Property Investors Nordic (which currently has approximately £3.7 billion assets under management or advice). Arlington Securities intend to combine the UK and Continental European business within a new company; Arlington Property Investors, with former U.K. Chief Executive David Hunter as its Managing Director.
Mr Tates will focus on developing Continental European fund management and indirect property investment activities specifically for Aberdeen Property Investors Nordic’s clients. Mr Tates will be appointed as Chief Executive Officer of a newly created European company (Aberdeen Property Investors Europe B.V.) which forms part of Aberdeen Property Investors Nordic. Further he will be appointed as Member of the Aberdeen Property Investors Nordic Group Management.
Both AAM and Mr Tates are confident that, following the Disposal, the team he has created over the last eleven years will continue to prosper and provide a first class service to Arlington’s clients in Continental Europe.
Source: Aberdeen Property Investors