Martin Gilbert of Aberdeen Asset Management, one of the most acquisitive chief executives in the funds sector in recent years, said he continued to be averse to doing deals for the time being, as his company unveiled better-than-expected full-year results.

Speaking in an interview, Gilbert reiterated the view he had first expressed through Financial News in March. He said: "Our priorities now are cash generation and strengthening the balance sheet. That is what our clients expect of us. There are opportunities for deals out there, but the problem with acquisitions now for Aberdeen is, unless it's a strategic deal like the RBS acquisition [Aberdeen purchased a funds-of-funds unit from RBS earlier this year] immediately it disrupts the business.