Aberdeen sets aside $500m to meet redemptions as bond sell-off escalates

Aberdeen Asset Management has set aside $500m in credit lines to fund potential redemptions from their funds if the bond market sell-off escalates.

Aberdeen's chief executive Martin Gilbert (pictured) said either a Greek exit from the EU or an imminent US rate hike could mean it gets "ugly" in the bond market, and wants to be prepared for this eventuality. Speaking to Bloomberg Television, the Aberdeen CEO said: "You want bank lines in place in case you have to meet a redemption and there is no market." He admitted the provision his group has made is fairly substantial, but said "you have got to be prepared". Aberdeen, the second largest publically traded UK asset management group by market value, has around $1bn (£640m) in ca...