Asset manager Aberdeen Standard Investments (ASI) further expanded its portfolio with an investment in different areas. According to Finews Asia, ASI has completed its acquisition of Orion Partners. It did not stop there, however, as Zawya reported the asset manager partnered with Investcorp for more investments in the Gulf region.
The Hong Kong property management firm was acquired for an undisclosed sum. The reason behind the move? ASI eyes further move into the Asian property scene. As it stands, the property management firm has a US$56.3 billion-worth global real estate franchise in the region. It is currently making moves to make sure that this expands well beyond its vision.
As for its new acquisition, Orion Partners has directly managed various investments in Asia for different international investors. The accumulated amount under its management currently stands at $900 million by the end of 2018. ASI hopes that this acquisition will help them understand the Asian market more and make moves to include more properties.
In the Gulf region, ASI sought and completed a deal with Investcorp regarding a joint venture to invest and explore infrastructure projects. The scope of the project covered countries that are included in the greater Gulf Cooperation Council, member countries of which hold around 57 million people and as much as half of the world's oil reserves.
This region had been abundant due to the reliance of the world for its oil reserves, but recently, their governments have been seeking ways in which they don't have to rely on oil profits alone. Part of this included initiatives, such as the move to partner up with asset managers like ASI, to diversify sources of income for the member countries and to develop their infrastructure at the same time.
Investcorp executive chairman Mohammed Alardhi said that the joint venture is a 'milestone' for the company. He further explained that the motive of the company is in line with the objectives of the GCC, and investing in critical infrastructure would help in moving the growth of diversified economic sources along.
ASI's Asia Pacific head Hugh Young, meanwhile, explained how the company can help with the diversification of their resources. He explained that this was a good opportunity to build the company's real estate presence globally, and it hadn't come at a better time when real estate provided the solution to entities and countries seeking to diversify.
