The move, which is still subject to regulatory approval, builds on Aberdeen’s on-going marketing in Spain over the last ten years, in order to increase the firm’s Mediterranean footprint. As such, the new office will manage assets on behalf of many of the country’s leading financial institutions, as well as cater to new and existing clients.

Running the new office, senior business development manager Álvaro Antón Luna, re-joins Aberdeen from Aon Accuracy, while Ana Guzmán Quintana, senior business development manager, joins from Dekabank.

“Over the past ten years we have built strong ties with a wide range of Spanish investors. With Álvaro and Ana based in Madrid we hope to strengthen existing relationships further and deepen our client base,” said Martin Gilbert, chief executive of Aberdeen.

In other news, Aberdeen Asset Management saw outflows of £1.2 billion ($1.92 billion) between July and August. An interim management statement revealed that assets under management fell 3.7 per cent from £209.6 billion at the end of June to £201.7 billion at the end of August.