Aberdeen Asset Management has rounded off a triumphant 1999 by handing out bumper remuneration to key executives, and putting in place plans to compete for institutional funds.

Principally through retail sales, Aberdeen has lifted funds under management by around a quarter to nearly £18bn (E28.6bn) in the year to December. Director Chris Fishwick, who both manages and markets funds, secured the highest remuneration of £931,000, according to Aberdeen's annual report to September. "He deserves it,' said chief executive Martin Gilbert, the second highest paid with £444,000. Gilbert, however, can console himself with his ownership of shares and options worth a gross £10m, with Aberdeen shares riding high at 262p. Fishwick's shares and options are worth £4.4bn. Aberdeen's technology fund has doubled in the course of the year. It and other funds are proving popular with buyers of ISAs. Aberdeen currently manages £1.5bn for various UK and US institutional funds. Gilbert believes that his firm now has a chance to make more progress in this area and wants to recruit a head of marketing. He says: "Entering the institutional market is a long-term process and we need an experienced person to be able to tap the market.' Gilbert adds that his preference would be to expand into the institutional pooled fund arena: "We don't want to take on the administration of time-consuming segregated or defined contribution work.' The capture of sub-advisory contracts would also be a potential route forward.