Dechert Represents abrdn Inc. in Acquisition of Tekla’s Healthcare Closed-End Funds With US$3 Billion in AUM
June 26, 2023
Dechert represented abrdn Inc., the U.S. subsidiary of global investment company abrdn, in entering into an agreement to acquire the healthcare fund management capabilities of Tekla Capital Management LLC (Tekla), a global specialist healthcare investment adviser based in Boston, Massachusetts. The deal includes four NYSE-listed healthcare and biotech thematic closed-end funds, totaling US$3 billion in assets under management (AUM).
The transaction is set to bolster abrdn's closed-end fund business, where it currently manages US$30 billion in AUM in U.S. and UK-listed closed-end funds, making abrdn the third largest closed-end fund manager across the U.S. and the UK. Dechert also previously represented abrdn in its recent acquisition of five closed-end funds from Macquarie Asset Management, four of which were merged into three existing abrdn funds.
The Dechert team advising abrdn Inc. includes mergers and acquisitions partner Stephen Pratt and counsel Ross MacConnell, with associates Christopher Rodrigues, Remington Shepard, Jessica Warshaw and Ryan Yang; financial services partner Thomas Bogle, with associates Brooke Clark and Louis Rosenbaum; employee benefits partner Andrew Braid; antitrust/competition partners Michael Okkonen and Clemens York, with counsel Beverly Ang; labor partner Ian Downes; tax partner David Passey, with associate Kalina Hannsz; and intellectual property partner Joshua Rawson, with associate Stephanie Kwan.
About Dechert
Dechert is a leading global law firm with 21 offices around the world. The firm advises on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
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