Aberdeen Asset Management chairman Roger Cornick retires as fund management firm warns on market outlook

Catherine Neilan
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Aberdeen Asset Management Cowes Week - Day Six
Choppy waters ahead (Source: Getty)

Aberdeen Asset Management chairman Roger Cornick is to retire at the end of the financial year, the group said this morning, as it warned on the outlook amid ongoing market volatility.

Cornick, who has been on the board of the fund manager since 2004 and chairman since 2009, will step down on 30 September, when Simon Troughton, who is currently the senior independent non-executive director, will take over the reins.

Troughton was a partner at Cazenove, before moving to Fauchier Partners in 2003 where he was chief operating officer.

Jim Pettigrew, chairman of the audit committee, also plans to step down in April after six years in the role. A new independent non-executive director will be appointed subject to receiving regulatory approval.

It comes as the business revealed a rise in assets under management to £290.6bn, up from £283.7bn as at 30 September. Aberdeen has also managed to stem outflows to £9.1bn, from £12.7bn in the previous quarter.

However, the group warned that the outlook on outflows "remains difficult", as market volatility continues. It has developed a cost-savings plan, which will be implemented later this year and into 2017.

Chief executive Martin Gilbert said: "Like the rest of the industry we continue to contend with the structural imbalances of the global economy and the cyclical slowdown in emerging markets, as well as the impact of falling oil and commodity prices.

"Despite the day-to-day fluctuations in investor sentiment we remain focused on those issues that we can control. We are committed to our fundamental approach to investing, managing the business efficiently with a keen focus on costs and most of all striving to deliver the long-term returns that our clients and shareholders have come to expect from Aberdeen.

"Our increasingly diversified business model and strong balance sheet mean we are well placed to navigate the current difficult market conditions offering a wide range of investment capabilities for investors."

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