EUROPE - Aberdeen Asset Managers is opening an institutional business development and client servicing office in Luxembourg.
The new offices will be headed by Nigel Storer, who has worked for Aberdeen since 1999 and has been based in Luxembourg since 2003.
He is joined by Thomas Body, institutional business development manager, who previously worked at Norddeutsche Landesbank Luxembourg, as part of the discretionary portfolio management team.
"Both will be supported by a team of three multi-lingual, institutional client servicing professionals who will work as part of Aberdeen's wider institutional client administration team," a press release stated.
"It is a natural step for us to establish an office in close proximity to many of our clients to meet their needs in a language of their choice," said Michel Alofs, head of European business development, explaining that "Aberdeen has experienced significant growth in its European client base in recent years".
The company's mutual fund range distributed to European clients saw a five-fold increase over the past three years from £939.9m as of 30 September 2003 to £5.3bn end-September this year. A "significant amount of money" was also raised by the launch of various European property funds, a spokesman for Aberdeen told IPE.
Currently, Aberdeen Asset Management plc has just under €108bn in assets under management. 70% of which are managed on behalf of European (inc. UK) clients. The acquisition of various businesses from Deutsche bank last year helped to increase Aberdeen's exposure in the European market.