Reuters UK – Fund manager Aberdeen Asset Management is eyeing opportunities to snap up funds of hedge funds and funds of private equity funds at bargain-basement prices, its chief executive said on Thursday.

Martin Gilbert said that with opportunities in these areas "now pretty strong" as the global financial crisis causes upheaval in the industry, the fund manager could look at making small acquisitions.

"Funds of hedge funds (FOHFs) and funds of private equity are a lot cheaper than they were six months ago, and they are significantly cheaper than they were two years ago.

"FOHFs, for example, were selling for 15 percent of assets under management two years ago. They are now down to very, very manageable levels, very attractive levels, and a lot of them are subscale, so I think there is an opportunity to consolidate in that area," Gilbert told Reuters in an interview.

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Guardian Unlimited- Aberdeen Asset Management said on Friday its assets had grown 6 percent despite turbulent markets and had also earmarked higher cost savings to offset falling earnings, pushing its shares up.

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