This morning they settled back at around 368p, up 5%.
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A report in the Financial Times – citing “people familiar with the process” – suggested the slump in emerging markets had put intense pressure on Europe’s second largest asset manager, prompting it to sound out buyers.
The FT reported that a hedge fund chief executive, and acquaintance of Gilbert’s, said he has heard the sale rumours, and that the 60 year old CEO is “of the age where he needs to find a successor, and there is no one [appropriate] within the business today”.
Analysts are not convinced that a deal to acquire Aberdeen is in the works.
Credit Suisse is the favourite, but Deutsche Bank is another contender, if the reports by the Financial Times are correct. ‘In his 32 years running Aberdeen, Martin Gilbert has never approached anyone, formally or informally, about buying the business, ‘ the firm said in a short statement.
‘All sources are anonymous, and nothing appears imminent.
“We believe that CEOs routinely meet with industry participants to discuss ways to maximise shareholder value, and that no formal sale process is underway”, Lenardos said. RBC Capital Markets analyst Peter Lenardos said he “would be surprised if Aberdeen sold from a position of weakness, which we believe it is now in”.
Asset mangers told the FT that potential buyers could include United Kingdom, USA and Asian fund groups, as well as private equity companies.
Last year Gilbert described trading conditions as “brutal” and this year the situation has deteriorated amid uncertainty over when the USA will raise interest rates following the bursting of China’s stock market bubble.
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Brett started in his role in November 2011, joining from Scottish Widows Investment Partnership, which was bought by Aberdeen.
