(Bloomberg) -- Aberdeen Asset Management, a $483 billion U.K.-based investment firm, agreed to buy Arden Asset Management to expand its hedge-fund business.

Terms weren’t disclosed in a statement Tuesday announcing the deal.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.