Martin Gilbert, chief executive of Aberdeen Asset Management, has warned fund managers against taking on excessive amounts of debt, five years after the group experienced problems when it breached bank covenants.

Speaking at Fund Forum in Monaco this morning, Gilbert pointed to Aberdeen's experience in 2002 when the group was mired in the split capital investment trust scandal and one of its income trusts broke banking covenants. Its troubles led it to sell its retail business to New Star Asset Management.