Report Aberdeen said to be sounding out buyers denied

Shares of emerging markers-focused fund manager Aberdeen Asset Management were being called to start the morning higher on unconfirmed press reports the firm might be sounding out possible buyers.

As of 07:52 the stock was expected to rise by 5%.

However, a spokesman firmly denied the claims, saying "In his 32 years running Aberdeen, Martin Gilbert has never made a formal or informal approach to anyone about buying the business," The Press and Journal reported.

Analysts at RBC also dismissed the report, with Peter Lenardos, one of its Managing Directors saying that for the fund manager to do so would be an admission of failure and that it was a well-run company, although the firm is "in a weak position, hampered by ongoing net outflows that are having an adverse impact on profitability."

Lanardos noted the FT article failed to name Mitsubishi UFJ, its largest shareholder, among the possible suitors, the The Press and Journal added.

The sources cited by the FT mooted Credit Suisse - who sold its asset management business to Aberdeen seven years ago - as one potential buyer.