Aberdeen Asset Management's acquisition of Credit Suisse's traditional fund management business will see its Australian operations more than double in size.
The takeover would add about $13 billion in assets under management to Aberdeen's Australian business, which had $7.6 billion under management at the end of November 2008, a company spokesperson said.
But the final figures are likely to be adjusted downwards as the transaction is not expected to be finalised before April this year.
It is too early to say how much the takeover would contribute to the Australian operations, the spokesperson said, as that depended on the underlying fees and the client balance at the closing of the transaction.
Aberdeen also expects to incur costs for integrating the back office, administration and IT of the new business.
Despite reports about possible staff cuts, the transaction would not affect personnel, the spokesperson said.
It is the intention to rebrand several of the Credit Suisse products, but the current regulatory process means this may not happen until some time after the takeover is finalised.
"It is unlikely that we will launch new products this year, which is why our focus will be deepening and widening the channels of distribution of the existing combined product range," the spokesperson said.
Aberdeen announced the takeover of Credit Suisse's traditional fund management business on New Year's Eve.
It has combined assets under management of about $94.5 billion, consisting of long-only, traditionally-managed equity, fixed income and money market assets. The business generates annual revenues of about $277 million.
