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Aberdeen to Buy Artio Global Investors

As part of Aberdeen's acquisition of Artio, some international fund managers to depart. Also, a management change on a T. Rowe Price health-care fund, Columbia hires Putnam's former asset-allocation head, and ClearBridge and Legg Mason Capital Management funds to merge.

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Artio Global Investors (ART), parent of the advisor to a family of United States mutual funds, including  Artio International Equity (BJBIX),  Artio International Equity II (JETAX),  Artio Total Return Bond (JBGIX), and  Artio Global High Income (JHYIX), has agreed to be purchased by Aberdeen Asset Management, a global firm based in the United Kingdom. Aberdeen has more than $300 billion in assets under management and has made several acquisitions to diversify its fund lineup over the past 20 years.

The agreement, which is subject to approval by government agencies and shareholders of Artio Global Investors and Artio's mutual funds, calls for a purchase price of $2.75 per share. That's about 34% higher than Artio Global Investors' share price at the market's close on Feb. 13, just before the deal was announced.

Morningstar Fund Analysts does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.