Gilbert: Aberdeen resisted efforts to buy firm

Martin Gilbert, CEO of Aberdeen Asset Management

Aberdeen Asset Management has resisted interest from competitors in Europe and Australia who want to buy the asset manager and plans to remain independent, chief executive officer Martin Gilbert told Bloomberg Television in an interview.

“I’ve never tried to sell the business but we do get a lot of people wanting to buy us,” said Gilbert.

“So far, we have managed to resist.

“There’s been a lot of interest, but being independent is a massive benefit to us.”

A spokesman for Aberdeen told Bloomberg the firm has never had a formal approach.

On May 3, Aberdeen said weakness in emerging markets took a toll on its results for the six months to March 31, 2016, with revenue, profit and assets under management all significantly down.

Net revenue fell to £483.6 million from £605.2 million compared to the same period last year, profit before tax slumped to £98.8 million from £185.4 million, and assets under management fell to £292.8 billion from £330.6 billion.

Watch the full Bloomberg interview with Gilbert here —