Aug 5 (Reuters) - Aberdeen Asset Management said on Tuesday it had agreed to buy U.S. hedge fund investor Arden Asset Management as it looks to strengthen its alternative product offering.
The Arden purchase, which is expected to complete in the December quarter, will further diversify Aberdeen's business and help boost its hedge fund unit's assets to $11 billion, it said in a statement.
"Institutional investors are looking to hedge fund solutions to offer risk/return profiles not available via mainstream strategies and traditional asset classes," said Aberdeen Chief Executive Martin Gilbert.
"The acquisition of Arden emphasizes further Aberdeen’s commitment to diversifying its overall business and to growing its alternatives platform," he added.
The deal follows one in May for FLAG Capital Management, which is involved in private equity and real assets.
Taken together, the two deals will take assets on Aberdeen's alternatives platform to more than $30 billion.
(Reporting by Simon Jessop; editing by Nishant Kumar)