Aberdeen nabs from Julius Baer for ‘crucial’ Luxembourg office

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Aberdeen Asset Management has appointed Steen Foldberg as to head its “crucial” cross-border business in Luxembourg.

Foldberg joins from Julius Baer, where he says he worked closely with Aberdeen, and also becomes managing director of Aberdeen Global Services in his new role.

Aberdeen has had an office in Luxembourg since 2006 and manages over 90 funds with AUM totalling €57bn and Foldberg says he looks forward to driving further growth there.

Foldberg will report to Gary Marshall, head of product at Aberdeen, who previously was head of Luxembourg.

It is understood Aberdeen had been searching for a locally-based person to take over the role for some time.

Marshall says Luxembourg is a key location for Aberdeen given its number of cross-border funds we have domiciled or managed there, which clients around the world invest in.

“The appointment of someone of the calibre and experience of Steen emphasises our commitment to investing in and building our Luxembourg business. It will be a crucial office – at the heart of Europe – within the combined Aberdeen and Standard Life business.”

Aberdeen chief executive Martin Gilbert has previously said fund managers would be the least affected among UK financial services by Brexit because of their operations in Luxembourg.

Standard Life, with which Aberdeen will soon merge, has previously said it will rely on its existing subsidiary in Dublin following the UK’s exit from the EU.

It is also looking at various options to ensure its asset management business retains flexibility to grow and deliver for clients, by setting up or using existing entities in Dublin and Luxembourg.