Aberdeen Standard Investments Ltd. said it made a $13 million minority equity investment in digital life insurer Singapore Life Pte. Ltd.
The investment extends the U.K.-based asset manager's strategic relationship with Singapore Life beyond the management of the insurer's fiduciary assets, Aberdeen Standard said Jan. 15.
The move allows Aberdeen Standard to participate in the Singaporean insurer's growth as it expands its business across Southeast Asia.
The asset manager is acquiring an approximately 5% stake, comprising newly issued shares, in Singapore Life, Financial News noted.
Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen PLC.