ABERDEEN Asset Management (AAM) ruled itself out of the race to buy Delaware Investments yesterday, but said it was still on the lookout for deals in North America.
AAM is understood to have bid for Delaware, part of Lincoln Financial Group, in a push to increase its US business.
But yesterday AAM chief executive Martin Gilbert said it was no longer in the running to acquire the company, which has around $
115 billion (£69.8bn) in assets under management. "It isn't something we are pursuing," Gilbert said.
It is thought that Delaware is pursing a private-equity backed management buy-out.
Already Britain's largest independent fund manager, AAM is pursuing acquisition opportunities to take advantage of depressed prices.
Gilbert said yesterday that, while the group was still interested in acquiring US businesses to increase its North American distribution network, no deals are imminent.
The comments came AAM reported a slowdown in asset redemptions yesterday, with net asset outflows of £2.2bn in the three months to 30 June.
The figures are a sharp fall when compared with the £4.2bn in outflows in the previous quarter, and were ahead of market expectations.
Total assets under management surged to £129.2bn, following the acquisition of the UK fund management business of Credit Suisse, which added £35bn in assets.
Gilbert said AAM was well placed to benefit when the market recovers.
