ABERDEEN WINS SCOTTISH FINANCIAL SERVICES AWARD

Aberdeen Asset Management has been named winner of the Scottish Financial Services Awards for 2011 - an initiative from Scottish Financial Enterprise in association with Ernst & Young.

For energy and commitment in developing its business in Asia and for innovation in meeting client demand for products based on Chinese government bonds, Aberdeen Asset Management was selected above five finalists shortlisted for the award.

Accountancy firm Johnston Carmichael also received a special Chairman's commendation for services to SMEs and rural businesses in particular; and for enhancing competition in the market in a number of specialisms.

The award was presented to Aberdeen Asset Management, at Scottish Financial Enterprise's annual dinner held in Edinburgh last night.

Martin Gilbert, chief executive of Aberdeen Asset Management, commented:

"This Award is a tribute to a real team effort over many, many years. Aberdeen was one of the first asset managers to establish an operation in Asia nearly two decades ago. Hugh Young opened our office in Singapore in 1992 with two other people and only $100 million in far east equities under management, but we recognised the huge growth potential of Asia and wanted to be there on the ground. Today we employ 370 people across the region and invest $100 billion in Asian equities, bonds and property on behalf of clients around the world.

"Initially we focused purely on investing in shares of companies but as economies and markets have evolved, we have uncovered opportunities in bonds and property. The latest is within the Chinese bond market. With the structural problems of the West, Asia will be the engine for global growth for years to come, opening up further investment opportunities for us which will see our business continue to grow and develop."

SFE Chairman Mark Tennant said:

"Chairing the panel of judges was a challenge, but a very enjoyable one given the high calibre of nominees we considered.  The final six are all examples of tremendous success stories taking place in Scotland and represent just the kind of diversity we have here in our industry - from small indigenous companies, to offices of large multinationals.

"Aberdeen Asset Management is a worthy winner and a shining example of a Scottish business which has become a major force on the international stage and I congratulate Martin Gilbert for his leadership of this truly successful business.

"I would also like, on behalf of all the judges, to commend Johnston Carmichael for their services to SMEs and rural businesses in particular; and for enhancing competition in the market in a number of specialisms."

Peter Wallace, Head of Financial Services, Scotland, Ernst & Young added:

 "The judges had an unenviable task in selecting one winner from an outstanding shortlist and the fact this year's award has gone to Aberdeen Asset Management is testament to the group's sustained success and standing within the industry.

"Under Martin Gilbert's innovative leadership, the group has built a truly worldwide organisation, extending and strengthening Scotland's influence across the globe.

"Congratulations must also go to the remainder of the candidates who deserve to be recognised in their own right for the vital contribution they have made and continue to make to the development of Scotland's financial services industry."

Aberdeen Asset Management was chosen as winner from a shortlist of 6 finalists from across the industry.  The other finalists were:

• Johnston Carmichael: for growing from its origins in the North East to being the largest independent accountancy firm in Scotland.  

• The Insurance Institute of Perth and Dundee, Chartered Insurance Institute, Perth College (UHI), and local businesses (Aviva, George Stubbs Insurance and Clark Thomson Insurance Brokers):  for their joint initiative to promote Perth and Kinross as a centre of excellence for general insurance.  Through working with schools, colleges and local businesses to make insurance an important career option for students in the area. 

• Nucleus Financial: for creating a strong online end-to-end business platform that meets the needs of IFAs and their clients, and for attracting some £3bn in assets to the platform from scratch.

• Scottish Financial Risk Academy: for creating a successful collaboration between industry and academe that enhances Scotland's international appeal as a financial centre where serious thinking takes place.

• State Street: for establishing Edinburgh as their European Centre of Excellence for Cash and expanding their operation to encompass some 840 jobs.

NOTES

1.    The Scottish Financial Services Awards replaced the previous Innovators awards in 2010.

2.    The awards scheme, led by Scottish Financial Enterprise (SFE), in association with Ernst & Young, judges entrants on their contribution to Scotland's standing as a financial centre, long term perspective, benefits for customers, innovation and imagination. The judging panel was chaired by SFE Chairman Mark Tennant and members were drawn from the SFE Board  (Jim Coyle of Lloyds Banking group, John Gill of Standard Life, Adrian Grace of AEGON UK, Owen Kelly, Anne Richards of Aberdeen Asset Management, Sushil Saluja of Accenture and Colin Stewart of Citi), supported by independent assessors Jill Farrell Director of Financial Services and West, Scottish Enterprise, Professor Alex McNeill Director, Scottish Financial Risk Academy and Peter Ames Tax Partner, Ernst & Young. 

3.    Scottish Financial Enterprise is the representative body for Scotland's financial services industry, with members ranging from global companies headquartered in Scotland to small, locally-based support businesses. 

4.    Contact:  Elaine Ravenscroft at SFE on 0131 247 7700