CEO explains why Aberdeen quit bid race
Gilbert: ‘Pioneer was just too pricey at €3.5bn’
Mr Gilbert (pictured) said the board has switched its attention to other potential acquisitions.
Pioneer, with€220bn of assets under management, is owned by Italian bank UniCredit which wanted €3.5bn for it.
Mr Gilbert told Bloomberg: “We were through to the second round but we withdrew.
“We couldn’t quite afford the 3.5 billion that it’s going to go for. I wish we could find something, but there’s nothing at the moment.”
Mr Gilbert was speaking in Abu Dhabi where Aberdeen is launching a Middle Eastern office.
“I keep encouraging banks to sell their asset-management subsidiaries to us and we’ve bought a lot,” he said.
It has spent the past three years digesting the £660 million takeover of Scottish Widows Investment Partnership which it bought from Lloyds Banking Group.
A takeover Pioneer would have added $245bn (£199bn) in funds to the £300bn Aberdeen presently has under management and given it access to the lucrative household savings market in Italy, as well as Pioneer’s home market in the US.