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Aberdeen withdraws bid for asset manager on €3.5bn price tag

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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 says the firm is now looking for other acquisitions, Bloomberg reports, after pulling out of the deal last week.

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.”

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