Aberdeen: Not interested in Gartmore

Aberdeen Asset Management has effectively ruled itself out of bidding for rival Gartmore, opting instead for organic growth.

In January Aberdeen grew by acquiring Royal Bank of Scotland's alternatives business for £84.7m, adding £13.5bn to assets over the year. But chief executive Martin Gilbert told Bloomberg he now targets organic growth. He announced today a 22% rise in assets in the 12 months to 30 September, from £146.2bn to £178.7bn. A further £1.9bn has been awarded to the group, but not yet funded. Gross new business of £46.6bn was 144% higher than in 2009, and more than twice the previous high in 2007. Demand for GEM, global equities and Asia Pacific products fuelled the growth, more than ...