UK - Aberdeen Asset Management's reported £7m bid for Glasgow Investment Managers (GIM) has been challenged by a separate buyout proposal from GIM's management.

IPE understands GIM chief executive Mike Balfour is leading a management buyout (MBO) bid for the business, despite Aberdeen reportedly being close to agreeing terms with GIM's majority shareholder David Williams.

A GIM spokesman told IPE today: "David Williams, who is also the founder of GIM, was looking to realise his investment in the company and, as a result, there were various options in terms of whether it was the existing management that bought [Aberdeen AM] or whether it was sold to an external party, both of which have just been explored."

Aberdeen Asset Management also declined to comment on the potential deal.

Instead, the GIM spokesman said: "Mike Balfour has been there for three years, and in those three years he has changed the shape of the company and moved it into a position where it is an attractive proposition and certainly he and his colleagues would love the opportunity to take it further."

GIM runs around £450m in assets under management.

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