Debt barrier to a bid by Aberdeen

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Asked if he was interested in rescuing his troubled rival, Aberdeen chief executive Martin Gilbert said: "We are not ruling ourselves in our out. We are watching what's happening."

Analysts said there will be no move for New Star, by Aberdeen or anyone else, until its debt problems are solved. Clive Cowdery of Resolution Life is also thought to be interested.

Gilbert is an old friend of New Star founder John Duffield and the pair often lunch together.

"I have huge admiration for John and he is a great friend - I really feel for him," said Gilbert. "His problem is not with the business but with its level of debt. If that can be solved there is a very, very good business."

This came as Aberdeen reported a slight rise in profits for the year to the end of September, up from £94.3 million to £95.1 million. Assets under management rose from £95.3 billion to £111.1 billion.

Gilbert said: "It is very difficult to judge anything in these markets. Being in positive territory for the year is fantastic, but it is all about next year now.

"We have got to try to do as good a job as we can for our clients and hang on to our client base.."

Gilbert has targeted cost savings of at least another £20 million on top of £50 million made last year.