ABERDEEN, SCOTLAND-Investment manager Aberdeen Asset Management,after 'changing the guard' at the head of its property division,will deepen its European funds and expand in Asia and USpost-crisis. It has no plans to sell German fund business Degi,says incoming head of property Andrew Smith. He succeeds RickardBacklund who is stepping down to take an advisory role.

Smith, appointed in spring, also says that investment patternsare changing: After the global crisis, UK and US institutionsfocused on home markets but now are once again looking atcross-border diversification. The group has re-organised realestate activities, playing down its Aberdeen Property Investorsbrand and integrating more closely into the group. In real estateit manages around $31.6 billion in assets across many markets, witha traditionally strong position in Nordics and UK, plus the largeDegi business bought from Allianz in 2008.

“The property team has been part of a wider Aberdeen AssetManagement for some time and one of the things we want to do is toreally benefit from being part of a wider multi-asset business,”says Smith. His history with Aberdeen has been curious. He joinedin 2002 as head of investment strategy and was part of a packagesold to investment manager Arlington – taken over soon afterward byGoodman. Aberdeen repurchased the business last year after theAustralian manager ran into problems. “I've joined the companytwice but I didn't actually leave in the meantime!” hesays.