Aberdeen Asset Management turned to Cazenove, the privately owned UK investment bank, for the first time as financial adviser on its acquisition of £5.5bn (€9bn) of funds under management from Life Assurance Holding Corporation.

Cazenove's broking relationship with Aberdeen dates back several years. Last October, it acted as Aberdeen's broker on its purchase of Murray Johnstone, the Scottish fund manager. Shortly afterwards Aberdeen hired Cazenove to advise on a possible purchase of Life Assurance's funds.