Aberdeen Asset Management has seen around £130 million added to its market capitalisation following reports it was looking for a buyer.

Even though the fund management business denied those rumours its shares closed up 10.3p, or three per cent, to 361.7p.

That took its market capitalisation from £4.6 billion to £4.73bn.

Speculation had suggested AAM chief executive Martin Gilbert, who holds around 180,000 shares, was informally approaching potential buyers to gauge interest in the business.

But one source familiar with Mr Gilbert’s thinking suggested he was “very happy being independent”.

In a note to clients RBC Capital Markets suggested there appeared little likelihood of AAM putting itself on the market at this moment in time. Analysts said: "It is our belief that there is no sale process underway.”

Mike van Dulken, head of research at Accendo Markets, said the bounce in the AAM share price was a prime example of the market “buying the rumour”.

While AAM has seen its share price come under pressure since the spring as a result of negative sentiment to its exposure to emerging markets the stock has rallied in recent weeks.

The company has also continued to make acquisitions striking deals for FLAG Capital, Arden Asset Management, Parmenion Capital Partners and Advance Emerging Capital in recent months.

Mr Gilbert has repeatedly said he remains confident about the long term potential in Asia and other emerging markets.

Assets under management were £307.3bn at the end of June.