Two papers carry stories on how Aberdeen Asset Management struggled through the negotiations that ultimately led to the £194m agreement between most of the providers of split capital investments trusts investigated by the FSA.
The Scotsman quotes chief executive Martin Gilbert stating the process was “harrowing”, having twice forced the company to delay publishing full-year results. The deal cost AAM some £81m: £74m in compensation and £7m in legal fees, the paper says. ”Obviously the settlement is very, very good news for us. It’s not good to have to pay so much, but at least it’s behind us and now we can get back into the UK market." Gilbert says the company did suffer from its association with splits, because potential investors would raise the issue at presentations, some even saying they could not d...
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