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07 May 2008
Aberdeen Asset Management is the latest in the ranks of corporate groups considering moving its headquarters offshore for tax purposes as speculation grows that a wave of British fund managers could exit the country in protest of Treasury tax changes.
Aberdeen has been based in the Granite City since 1987, when it was established out of a $50m investment trust in a management buyout led by Martin Gilbert, chief executive.
Losing the company, which yesterday bolstered its funds under management to £114bn through the acquisition of a property business, would be a big blow to the Treasury, The Times said.
Aberdeen follows Brit Insurance, which is one of several insurance companies that might move their headqarters to lower-tax regimes such as Dublin and Geneva, on the fast growing list of corporate groups which are threatening to leave the UK because of its unfavourable tax levies.
Further reading:
UK's top business chiefs threaten tax move
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