Deals & People September 18, 2007

Fiduciary360 Taps Aikin as CEO

Fiduciary360 has announced that founder and former CEO Donald B. Trone will focus his efforts on the now independent Foundation for Fiduciary Studies.
Reported by

Trone maintains the President title at the foundation, while Blaine F. Aikin as been named CEO of Fiduciary360, an organization promoting fiduciary responsibility, according to a company announcement. “I am excited to be leading (Fiduciary360) into its very promising future,” said Aikin.

The announcement said the move is the result of a long-contemplated decision by the Sewickley, Pennsylvania-based Fiduciary360 to further separate operations of its training and Web-based tools services from the research-based foundation.

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The news release said the change also gives Trone, 53, a greater opportunity to focus his time on researching and improving the fiduciary industry’s best practices.

Aikin, 53, joined Fiduciary360 in March 2005 as the Director of Training. Aikin received his Masters of Public Management and Policy degree from the Heinz School of Carnegie-Mellon University.

Deals & People September 18, 2007

U.K. Firm Picks Up Nationwide Active Asset Management Unit

Nationwide has agreed to sell its active asset management business to British fund firm Aberdeen Asset Management.
Reported by

The Columbus, Ohio company said the active asset management unit is owned by Nationwide Mutual Insurance Company, Nationwide Financial Services, Nationwide Fund Advisors, and Nationwide SA Capital Trust.

The transaction is expected to close and be effective on October 1, 2007. The Nationwide announcement did not include terms, but a Reuters news report quoted an unnamed source as saying Aberdeen had agreed to pay between $30 million and $35 million for the unit

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According to a company announcement, portfolio managers, analysts, and support personnel are included in the transaction, as well as resources and technology. The group will continue operating at its current location in West Conshohocken, Pennsylvania, outside Philadelphia.

Nationwide said that immediately upon the closing, Aberdeen will sub-advise 21 Nationwide Mutual Funds and nine Nationwide Variable Insurance Trust Funds, representing about $7 billion in assets under management, as of August 31, 2007.

“This transaction is an important step in our efforts to transition our mutual fund business to a sub-advised platform,” said Mark R. Thresher, president and chief operating officer of Nationwide Financial, in the news release.

“This transaction broadens Aberdeen’s U.S. operations with the addition of a highly regarded equities team” said Martin Gilbert, Chief Executive of Aberdeen, in the announcement. “It continues our strategy of acquiring bolt-on businesses that enhance our product range and geographic reach, and complement the continuing strong organic growth of our existing operations.”

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