Martin Gilbert, CEO of Aberdeen Asset Management, has voiced his support for the Financial Conduct Authority's Asset Management Market Study, saying it is imperative for truly active funds to have a high tracking error.
Speaking following the release of the firm's annual results, Gilbert (pictured) said: "No one can accuse us of being closet indexers. We have achieved some remarkable outperformance and underperformance. "If you are going to charge an active fee, you have got to have a [significant] tracking error. If you are going to have a 1% tracking error, you cannot charge 1% for managing that." The CEO also supported the proposal of an all-in management fee made by the FCA, saying this is something Aberdeen would be happy to bring forward to their clients in the interests of transparency, though...
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