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Gilbert: ‘Pioneer was just too pricey at €3.5bn’

martin-gilbert-newAberdeen Asset Management chief executive Martin Gilbert said the firm withdrew its bid for Pioneer Global Asset Management because it felt the price was too high.

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.


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