Aberdeen takes 10% Globe shareholding

Just one year since Globe Financial Management began plying Aberdeen Asset Management funds on the Malta Stock Exchange, Aberdeen yesterday purchased a 10 per cent stake in the newly renamed GloBAl Financial Services Group.

The 10 per cent shareholding is represented by 3.5 million ordinary shares and, as this represents a qualifying shareholding in terms of the Investment Services Act regulatory clearance for the move has been obtained from the Malta Financial Services Centre.

While GloBAl has been acting as Aberdeen’s exclusive agent in Malta since last June, Aberdeen’s acquisition is expected to deepen their relationship and open up further opportunities for GloBAl in the development and promotion of new financial services products.

Aberdeen has been listed on the London Stock Exchange since 1991 and carries out investment business and manages corporate funds, unit trusts and life and pension funds in excess of USD40 billion through its subsidiaries in various parts of the world.

Its principal subsidiaries in the UK are Aberdeen Asset Managers Limited and Aberdeen Unit Trust Managers Limited, both regulated by the UK Financial Services Authority.

GloBAl shares listed on the Malta Stock Exchange yesterday closed at Lm0.25, up 1c5 from previous trading.