AAM team launches new private equity firm

Published on Wednesday 10 June 2009 21:37

EXECUTIVES from Aberdeen Asset Management have led a management buy-out to form a new private equity house, it was announced yesterday.

Bill Nixon, former head of AAM's private equity division, led the buy-out to create Maven Capital Partners, which will run seven venture capital trusts and several other funds.

A group of five other senior executives, Andrew Craig, Jock Gardiner, Stella Panu, Bill Kennedy and Andrew Ferguson, are also involved in the deal and will move to Maven. The entire growth capital investment and portfolio team is migrating across to the new firm, as well as the back office staff.

AAM will retain a "significant" minority stake in the business – which will manage 160 million of funds for 9,000 investors – which is believed to be around 25 per cent.

Managing partner Bill Nixon said:

"The opportunity has now arisen to acquire the business and become an independent private equity fund manager, which is a natural evolution for the team more in line with current industry practice."