Granted, plunging commodities prices are a big part of the problem Gilbert finds himself with – poor sentiment toward emerging markets that has translated into 11 straight quarters of net outflows – but one can make a case for a turn in sentiment toward emerging markets sooner than for a shift in the supply/demand balance of oil, for example.
However, the firm does not see sentiment turning just yet, reaffirming in its latest trading statement that it expects market conditions to remain difficult and, as a result Aberdeen remains committed to controlling costs and driving efficiencies.
Against this backdrop, that the firm has also seen a number of rather high profile departures in recent months could begin to seem a little more than coincidental.
However, one would be very hard pressed to read anything sinister into the most recent of these, Monday’s announcement that CIO, Anne Richards, has taken the top job at M&G. It is a clear step forward after a significant tenure in the role and at the firm.
Indeed, as Gilbert pointed out, while the firm is sorry to lose her: “we are also delighted that one of our colleagues should have been appointed to such an important role in the industry.”
The firm’s decision not to replace her role directly, however, choosing rather to split her responsibilities among existing members of the team rings true for a company that is firmly in cost cutting mode.
