Deals
Aberdeen Arranges Credit to Fund Redemptions in Bond Slump
Martin Gilbert, chief executive officer of Aberdeen Asset Management Plc, pauses during a Bloomberg Television interview in London, U.K., on Monday, April 29, 2013.
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Aberdeen Asset Management Plc Chief Executive Officer Martin Gilbert said the firm has arranged about $500 million in credit lines to fund redemptions in the event of a bond-market selloff.
“It will get ugly” if either Greece exits the single European currency or the U.S. starts raising interest rates, Gilbert, 59, told Bloomberg Television’s Erik Schatzker and Olivia Sterns on Monday. “You want bank lines in place in case you have to meet a redemption and there is no market.”