American money

Abrdn U.S. subsidiary to acquire Tekla health-care funds

Abrdn’s U.S. subsidiary abrdn Inc. agreed to acquire Tekla Capital Management’s specialist health-care investment capabilities, including four New York-listed health-care and biotech thematic closed-end strategies with about $3 billion in assets under management, a spokesman confirmed.

Tekla is a health-care investment adviser based in Boston. Tekla’s investment team will also join abrdn, in a move that will allow the money manager to draw on expertise as it looks to expand its offering in the health-care sector, a news release said. Terms of the deal were not disclosed.

Abrdn already manages about $30 billion in U.S.- and U.K.-listed closed-end strategies.

“We have been clear that we will continue to invest in opportunities where we see capabilities that we need and that offer compelling value, and this acquisition strongly meets our criteria,” CEO Stephen Bird said in the news release. “Tekla is a leader in a field that offers compelling long-term growth prospects, supported by demographic trends and the growing role of technology in health care.”

The deal is pending approval by each of the Tekla strategies’ board of trustees and shareholders, along with regulatory approvals, and is expected to close in the second half of the year.

The agreement follows abrdn’s acquisition this year of five closed-end funds from Macquarie Asset Management.

Abrdn had £500 billion ($602.9 billion) in assets under management and administration as of Dec. 31.

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