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Standard Life Investments says its clients will soon be able to access a wider range of alternative assets after announcing its intention to acquire a 75.1 per cent stake in Aida Capital.

The acquisition of Aida will be subject to Financial Services Authority approval.

Aida Capital is a London based, FSA registered fund of hedge funds manager. Clients range from high net worth individuals, wealth managers and institutional investors from within and outside the UK.

Aida currently manages the Aida Open-¬Ended Fund, a Guernsey listed investment vehicle and the Aida Closed¬-Ended Fund, an investment fund listed on the London Stock Exchange.

Aida Capital’s existing management team will continue to manage these funds as well as creating and managing fund of hedge fund products for Standard Life Investments and its clients.

Keith Skeoch (pictured), chief executive of Standard Life Investments, says: “Standard Life Investments already has a strong track record in managing alternative assets, with over GBP8.5bn of commercial property, GBP4.6bn of private equity and over GBP2.2bn of global absolute return strategy funds under management. We have considered an expansion into new alternative asset classes for some time and believe that the acquisition of Aida Capital, with its proven track record in managing hedge funds, would present us with a great opportunity to strengthen our alternative capacity.”

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