Aberdeen Asset Management, one of the groups at the heart of the split capital investment trust crisis, has again delayed announcing its results as the final agreement over a compensation settlement for investors in splits seemed imminent.
The Financial Services Authority and 22 City firms under investigation for alleged market abuse are thought to be on the verge of signing an agreement to provide between £200m and £235m in compensation for thousands of private investors who lost money in splits.
Aberdeen has played a key role in negotiations with FSA, and it said “in view of the advanced stage of these negotiations”, it would delay publishing its results for a second time, originally expected 6 December.
Analysts have placed Aberdeen’s possible share of a compensation package, based on past fees earned, at between a quarter and a third of the fund managers’ contribution.
References: Financial Times Money & Business 11/12/04 page 2, The Guardian 11/12/04 page 29, The Independent 11/12/04 page 56
