Ivory and Sime was established in the late 1800s with the formation of the British Assets Trust. Friends Provident, the mutual life assurer, performed a reverse takeover of Ivory and Sime, the fund manager, in a £132m deal that resulted in the creation of a group called Friends Ivory & Sime. The deal was announced on 8 November 1997. In July 2001, Aberdeen Asset Management bought out the company from the Friends Ivory & Sime in a cash deal worth £6.5m plus the value of the net assets at completion, which at the time was expected to amount to an additional £2.1m.
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