Aberdeen Asset Management will become Thailand's first 100% foreign-owned fund management company in Thailand when it buys out the majority stake in a joint venture, a deal it will announce this Friday, February 18.
The JV was originally established in 1994 by Nakornthon Bank, which was once owned by the Wanglee family and Schroder Investment Management, which had a 40% stake. The Asian financial crisis brought Nakornthon Bank to its knees and the family was forced to sell it to Standard Chartered Bank and in the process, sold another 40% stake in their fund management JV to Schroders.
Schroders, however, was beginning a retrenchment process led out...
