One of the UK’s biggest fund managers could be up for sale

Aberdeen Asset Management, one of Europe’s biggest fund managers with assets of £307 billion ($US470 billion), is seeking a buyer after being caught out by the fall in Asian markets, according to a report in the Financial Times.

The report cites people familiar with the process as saying Aberdeen’s CEO, Martin Gilbert, has been sounding out potential buyers informally in recent months.

The firm denied the rumours, saying: “In his 32 years years running Aberdeen Asset Management, Martin Gilbert has never made a formal or informal approach to anyone to buy the business.”

Gilbert has been in charge since founding the company in 1983.

Credit Suisse, which last week unveiled a new strategy aimed at refocusing the business on wealth management and away from investment banking, could make a potential buyer, according to the report.

Aberdeen could be cheap at the moment. Its stock is down about 25% in the past six months as the company wrestles with outflows and losses on bets in emerging markets such as China.

Here’s what that looks like:


NOW WATCH: ‘The Art Of War’ holds the keys to success on Wall Street