‘Asset managers can be more relaxed about Brexit fallout’, says Martin Gilbert

Martin Gilbert, chief executive and founder of Aberdeen Asset Management, has said that he expects fund groups to be the least affected among the financial services industry by the long-term implications of Brexit.

Although Aberdeen UK Property fund was forced to sell several properties following the Brexit vote, speaking to Thompson Reuter’s fund research Lipper, Mr Glibert said: “ has certainly been a surprise. I think asset managers are probably the least affected in financial services because we all have operations in Luxembourg where we distribute our funds into Europe.

“So very few of us actually distribute UK funds into Europe which I think will be a significant issue but not from Europe, because we already passport or manage money in Luxembourg and Singapore.

“I don’t think we’ll be hugely affected, I hope I am right, but usually I am foreseeing consequences of all of these actions.”

Mr Gilbert also explained the asset manager’s property fund had an adequate cash buffer on its property fund despite a “run” on funds causing it to suspend trading.

He said: “We were really well positioned compared to others with the property funds having a 25 per cent cash buffer but I think nothing would have happened if we hadn’t seen Standard Life Property fund and four or five others which then caused the run of the market, really.”