Aberdeen Asset Management is planning a move into selling hedge funds after its purchase of the UK business of Deutsche Asset Management's which doubled its assets under management, according to Martin Gilbert, Aberdeen’s chief executive. Aberdeen would continue to use its existing managers and analysts, and would start a hedge fund by selecting the 20 favourite stocks of its managers. Hedge funds sales would see a strategic shift for Aberdeen, towards institutional and high net worth clients, and away from UK retail investors. Aberdeen has increased its assets under management by £1.2 billion ($2.1 billion) in the five months to the end of August, mainly from inflows into Asian equity funds. Aberdeen agreed to pay as much as £265 million for the Deutsche business. It will take on all of the 100 bond fund managers from Deutsche and a third of the 60 stock fund managers, according to Mr Gilbert.