On Tuesday, Aberbeen Asset Management celebrated the opening of their new JFK Avenue office on the Avenue J F Kennedy in Luxembourg-Kirchberg, with the opening performed by Martin Gilbert, CEO of Aberdeen Asset Management.
Martin Gilbert, chief executive of Aberdeen Asset Management, stated “Aberdeen’s move into this new office reflects the overall growth of the business and the growing importance of our Luxembourg operation over the past ten years. Since opening an office here a decade ago, Aberdeen’s worldwide assets under management have tripled through a combination of organic growth and strategic acquisitions. Luxembourg has played a key role in this expansion given it is home to our flagship cross-border fund range which is marketed locally and into over 25 countries around the world. Increasingly, it also serves as a Management Company for other funds domiciled around Europe which we manage and, in that capacity, has become a key centre of expertise for us for governance and risk management functions in Europe. We are proud that Luxembourg is a hub for European business and our global mutual funds platform, and we expect this office to play a key role in Aberdeen’s continued growth over the next few years.”
On the issue of relocation, he explained "We were coming to the end of our lease and had been running out of space in our former premises for some time, so we took for the opportunity to move to a bigger office with modern and enhanced facilities for staff and clients. Although our previous office was around the corner on Albert Borschette, we are now enjoying a prominent position directly on Avenue JFK closer to the action with the new buildings, facilities and tram being built along the avenue."
Aberdeen Asset Management has had a fund range domiciled in Luxembourg since the 1990s. The group opened an office in Luxembourg in 2006 and its operations have grown since then through fund acquisitions from Deutsche and then Credit Suisse Asset Management, as well as sustained organic growth of its UCITS fund ranges which are sold from Luxembourg directly into over 25 countries. Its Property business has also seen funds domiciled in Luxembourg increase over the years.
Martin Gilbert continued "The move to bigger offices emphasises our commitment to Luxembourg as a domicile from which we cross-border funds for sale around the world. Our Luxembourg management company also recently became a ‘Super Management Company’ managing both UCITS and AIF assets, and our local staff interact with colleagues around the world on a daily basis. The new office facilities enhance this interaction and we expect the office to become even more of a hub for European operations as well as supporting global sales operations."
On the importance of the Luxembourg market for Aberdeen, he concluded "As emphasised above, Luxembourg is hugely important to Aberdeen. It is a major hub in continental Europe and is home to our flagship cross-border fund range which has some £24 billion assets under management. Having been in the jurisdiction for a number of years now, we are familiar with the market and regulation and have experienced staff and service providers on the ground to keep all of our fund ranges operating effectively for the benefit of our global investors."
Photo by Geoff Thompson
