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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 US post-crisis. It has no plans to sell German fund business Degi, says incoming head of property Andrew Smith. He succeeds Rickard Backlund who is stepping down to take an advisory role.

Smith, appointed in spring, also says that investment patterns are changing: After the global crisis, UK and US institutions focused on home markets but now are once again looking at cross-border diversification. The group has re-organised real estate activities, playing down its Aberdeen Property Investors brand and integrating more closely into the group. In real estate it manages around $31.6 billion in assets across many markets, with a traditionally strong position in Nordics and UK, plus the large Degi business bought from Allianz in 2008.

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