Aberdeen withdraws Pioneer bid on €3.5bn price tag

Martin Gilbert Aberdeen

Aberdeen Asset Management chief executive Martin Gilbert says the firm withdrew from its bid for Pioneer Global Asset Management because the €3.5bn price was too high.

Gilbert also says the firm is looking for other acquisitions, Bloomberg reports.

Pioneer, which has assets under management of €220bn, is owned by Italian bank UniCredit.

“We were through to the second round but we withdrew,” Gilbert told Bloomberg.

“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.”

Gilbert, who was speaking in Abu Dhabi where Aberdeen is launching a Middle Eastern office, says it is advantageous for asset managers not to be owned by a bank to facilitate relationships with wealth managers.

“I keep encouraging banks to sell their asset-management subsidiaries to us and we’ve bought a lot.”