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Aberdeen CEO Martin Gilbert supports PM Theresa May on Brexit

Martin Gilbert, the Chief Executive of Aberdeen Asset Management / PA
Martin Gilbert, the Chief Executive of Aberdeen Asset Management / PA

Martin Gilbert, the co-founder and chief executive of Aberdeen Asset Management has the confidence Prime Minister Theresa May will negotiate a good [Brexit] departure deal for the UK.

The UK is just days away from triggering Article 50.

Speaking at the Association on Investment Companies (AIC) conference in London [on March 9th] Gilbert says he has met the Prime Minister on three occasions and is confident that she will “negotiate well” on Brexit.

May has been busy meeting with key players in the asset management industry such as Martin Gilbert, Schroders chief executive Peter Harrison and Barclays chief executive Jes Staley.

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Gilbert added: “She [May] does listen to what financial services require.”

So how has Brexit impacted Aberdeen Asset Management? Gilbert says: “So far our earnings have gone through the roof because sterling has devalued so that has been great.”

Aberdeen Asset Management is currently in the process of merging with Standard Life, a £11 billion merger deal that would create a global powerhouse.

The asset management industry is going through huge change as we see the rapid rise in passive management with money flowing out of actively managed funds and into passives.

Fitch awards Aberdeen with an “A-rating”

Credit ratings agency Fitch has also released a statement saying the recent announced of the merger of Standard Life and Aberdeen Asset Management highlights the “growing polarisation” of the investment management industry.

The ratings group says “expect further consolidation” as investment managers seek to diversify their business mix and improve efficiency.

Following the announcement of the merger with Standard Life Fitch has given Aberdeen Asset Management’s ‘A’ rating.

“This reflects our view that the improved scale and diversification of the combined group’s enlarged franchise will mitigate higher cash flow leverage of the group compared with Aberdeen’s current leverage as well as execution and strategic risks related to the deal.” states the ratings agency.

Written by London-based journalist Tanzeel Akhtar. Her work has been published in the Wall Street Journal, FT Alphaville, CNBC, Citywire, Euromoney, Interactive Investor.