'Snake oil salesman' amasses most funds in all of Scotland

EDINBURGH/LONDON: Being vilified by politicians is a career enhancer if Martin Gilbert is any example.

Gilbert, the chief executive officer of Aberdeen Asset Management Plc, was condemned by a UK lawmaker in 2002 as a "sophisticated snake oil salesman" for his company's part in selling funds that lost 620 million pounds ($1 billion). Gilbert completed a purchase yesterday that makes his firm Scotland's largest fund manager, with $218 billion of assets.

"He is an example of someone who confronted the mistakes he made and learned the lessons," said John McFall, the Labour Party member of parliament who disparaged Gilbert seven years ago. "Martin's story is relevant to what is going on in the financial industry."