Aberdeen Asset Management has spun off Northern Venture Managers, the UK venture capital firm, in the latest of a series of management buy-outs in the three months since Aberdeen bought Edinburgh Fund Managers.
The buy-out was led by Alastair Conn, managing director, and Tim Levett, investment director. They will pay Aberdeen a total of £750,000 (€1m) in cash and give it a share of revenues for the three years ending 31 December 2006, up to a maximum of £2.45m. Â James Dawnay, chairman of Northern Aim Venture Capital Trust, which is managed by Northern Venture Managers, said: "The acquisition of Edinburgh Fund Managers by Aberdeen Asset Management introduced a note of uncertainty concerning the future of Northern Venture Managers, so I am very pleased to report the buyout."
