Financial Services Industry
Industry: Email Alert RSS FeedLord Newby steps up pressure on Aberdeen Asset Management.
Financial News, November, 2003
Lord Newby, the Liberal Democrat Treasury spokesman, is stepping up the pressure on Aberdeen Asset Management and the Financial Ombudsman Service (FOS) to explain why investors in its Progressive Growth trust have not yet been compensated for their losses.The peer has written to Martin Gilbert, Aberdeen's chief executive, asking why there has been no movement on Aberdeen's promise to devise an uplift to investors in the Progressive Growth trust. It was described in advertisements in 2001 as 'the one-year-old that lets you sleep at night,' but the fund plunged 75% the following year.
Aberdeen offered an uplift to investors in the trust last year. Responding to Newby's questions, Gilbert said work was continuing on the uplift proposal and it was intended to come...
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