London-listed Aberdeen Asset Management has announced its acquisition of Flag Capital Management for an undisclosed sum.

Aberdeen Asset Management is to acquire US-based private equity and real estate-focused firm Flag Capital Management.

The acquisition of Flag, which manages around $6.3 billion in assets from its offices in Boston and Hong Kong, will help the asset manager push forward with its plans to grow its global alternatives platform. The purchase boosts the firm's investment team to over 50 people and its assets under management to around $15 billion. 

Flag covers venture capital, small to mid-cap private equity, and real asset solutions in the US, as well as private equity in the Asia-Pacific region. Following the deal, which is expected to close in the third quarter of this year, Aberdeen's private equity assets will reach $21.3 billion.

Furthermore, Flag's established US presence across institutional and high net worth client segments will enhance Aberdeen's exposure to the region. Aberdeen's chief executive, Martin Gilbert, said the transaction was in line with the firm's growth strategy in the alternative assets space. 

“It [Flag] strengthens further our private market capability by bringing additional Asian expertise and new US resource. This will also benefit our overall pan-alternatives platform. Secondly, Flag deepens and expands our US client base, which is a key growth market for Aberdeen,” said Gilbert.

Details of the deal were not disclosed.

Earlier this month, Aberdeen Asset Management reported a 25 per cent year-on-year rise in underlying pre-tax profit to £270.2 million ($408.7 million) over the six months to the end of March 2015.