Jobs will stay in City after Brexit, says top asset manager

Jobs will not leave the City of London in huge numbers after Brexit, the head of one of the country’s biggest asset managers has said.

Martin Gilbert, the co-chief executive of Standard Life Aberdeen, said he is “positive” about the City’s future, and believes Dublin will be the big winner as jobs are created there to support London firms.

He also praised the ministers’ hands-off approach to the City.

“The government are going to leave the City largely to look after itself because the City is so adaptable,” Gilbert told a crowd at the City A.M. Awards.

“All of us in the City have pressed the contingency button, we’ve pressed it a year ago, we’ve all set up our subsidiaries in Dublin or wherever is necessary.

“I’m still very positive for the City. I don’t see many jobs leaving the city, I just see jobs being created in Dublin or Luxembourg as far as asset management is concerned. I think the big winner is Dublin.”

Gilbert, who founded Aberdeen Asset Management in 1983 and grew it with several acquisitions, hinted at more deals to come.

“It’s going to be a tough time, because you have to get into the $1tn club as we call it, we’re at $600bn to $700bn.

“We’re the largest independent outside the US so we do need to get bigger, and we intend to get bigger. We intend to be the consolidator of choice,” he said, predicting more consolidation in the market.