LONDON (Reuters) - Aberdeen Asset Management (L:ADN) is likely to make four or five smaller acquisitions in 2016, its chief executive said, once a downturn in its key Asian and emerging markets ends.
The firm's shares have slid 25 percent since the start of the year, hit by investor aversion to emerging markets amid concerns over global growth and the impact of an impending rise in U.S. interest rates.
Aberdeen has subsequently rebuffed claims it was looking for a buyer and instead CEO Martin Gilbert said he was planning more acquisitions, as the firm looks to diversify its operations further after a string of deals earlier this year.
"We will probably make another four or five similar acquisitions next year but the main thing we will do is wait for the downturn in Asia to end — and it will," Gilbert told the Financial Times.
"We will weather the storm and come out better the other end."
Gilbert commented on Aberdeen's acquisition plans in a Financial Times article dated Nov. 15. The company confirmed the remarks to Reuters on Monday.
Ahead of its results on Nov. 30, a spokesman for Aberdeen said the company planned to cut some back-office staff, but would not reduce the number of investment managers.
(This version of the story corrects to clarify original source of comments)