Business Services Industry
Britain's Aberdeen Asset Management Regroups after Trusts Scandal.
Knight Ridder/Tribune Business News, December, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Dec. 3--Aberdeen Asset Management is slowly rebuilding after the split capital investment trusts scandal.
The after-effects pushed it into bottom line annual losses of UKpound 22.5 million and the dividend fell from 6 pence to 4 pence.
Chief executive Martin Gilbert calls it "a very, very tough year," but after a 40 percent cut in costs he says: "We have to make sure we turn it and get back to growth."
Serious issues remain. The Financial Services Authority probe is dragging on and the Ombudsman might order compensation for unit holders at Aberdeen Progressive Growth.
The board of Real Estate Opportunities trust is claiming damages for its losses. Aberdeen says...
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