The London-listed asset manager has agreed to acquire a US-based provider of hedge fund solutions.

Aberdeen Asset Management is to acquire Arden Asset Management, a hedge fund specialist with offices in New York and London, for an undisclosed amount.

The acquisition, which is subject to regulatory approval, will allow Aberdeen to boost its alternatives platform and grow its footprint in the US. Through Arden, it will be able to offer exposure to alternative investments across liquid strategies, private markets and real assets.

The latest deal follows Aberdeen's announcement in May that it is to acquire Flag Capital Management, a US-based private equity and real estate-focused firm. Following both purchases, Aberdeen’s alternatives platform, which is overseen by its global head of alternatives, Andrew McCaffery, will manage over $30 billion in assets.

“The acquisition of Arden emphasises further Aberdeen’s commitment to diversifying its overall business and to growing its alternatives platform. The deal significantly strengthens our hedge fund solutions capability and expands our global client base. Arden’s liquid alternatives platform in the US is particularly attractive as it provides investors with exposure to a portfolio of hedge fund-like strategies but importantly offers daily liquidity,” said Aberdeen's chief executive, Martin Gilbert.

“Becoming part of Aberdeen will enable us to share ideas and best practice that will assist in continuing to build on our proven track record of developing customised hedge fund and liquid alternative solutions for clients worldwide,” added Arden's chief executive and chairman, Averell Mortimer. 

As of the end of June, Aberdeen managed $480 billion in assets for institutional and private investors. In its recent results statement, the company reported net outflows of £9.9 billion over the three months to the end of June.

The Arden acquisition is expected to complete during the fourth quarter of 2015.