UK-based Aberdeen Asset Management is expanding its North American footprint with the acquisition of New York City-headquartered Artio Global Investors, for a cash sum of about $175 million, based on a price of $2.75 per share.

Artio Global Investors is the indirect holding company of Artio Global Management, a registered investment advisor that actively invests in global fixed income and equity markets. The firm has $15 billion under management, as at end-November 2012, and had net asset value of $141 million and cash/seed investments of $136 million on its balance sheet at December 31.  

“This transaction is in line with Aberdeen’s strategy of undertaking infill acquisitions that will assist with growing our business organically,” said Martin Gilbert, chief executive of Aberdeen. “It will be of benefit to our North American business, a region we view as a key growth market for Aberdeen.”

The transaction is expected to close by the end of the second quarter or early in the third quarter of 2013, subject to customary closing conditions. The purchase price will be financed out of Aberdeen’s existing cash resources, on completion of the transaction.

In another recent move signalling its commitment to the US market, in October last year Aberdeen unveiled a business development and marketing center in New York City as part of a “continued campaign” to expand in North America. The firm launched operations in the US in 1995, going on to establish US headquarters in Philadelphia 10 years later. It also has an on-the-ground business development presence in Chicago, IL, Miami, Fl, San Francisco, CA, Dallas, TX, Los Angeles, CA, and Toronto.