MARTIN Gilbert plans to sail his yacht off Italian shores in the October mid-term school holiday, and take a break from the hellish hours that his fight to keep Aberdeen Asset Management afloat has required.

Gilbert admits to being ''tired'' after the adrenaline burst of agreeing a potentially crucial purchase of Edinburgh Fund Managers at a time when many thought the compulsive deal-maker was all at sea.

And he is well aware it will still not be plain sailing from here for Aberdeen.

Gilbert, the investment house's long-time chief executive, has fought hard to keep Aberdeen from losing its mast this year with some innovative deals. These have put Aberdeen on a much more sound financial tack, and the future looks brighter.

It is a measure of Gilbert himself that his offer to resign from Aberdeen has not been accepted by shareholders, in spite of the investment house's fall from grace in the split-capital investment trust debacle.

This fiasco is estimated to have cost up to 50,000 private investors hundreds of millions of pounds in total, and Aberdeen, although only one of several fund managers involved, was the largest player in the sector.

Lesser men would not have even dared to think of doing the EFM deal, especially given that Aberdeen's attempt to reduce debt through a sale of its property investment division had just fallen through because British Land tried to screw the price down too much.

However, the split-capital saga still represents a dark stormcloud on the 48-year-old Gilbert's horizon, and at times he dares not speak its name.

''This whatever it is, this constant whatever it is hanging over us. We just want to move forward. We just want to put it behind us

''It has nearly finished us over the last 18 months. It is like an Exocet (missile) going into the business. It almost totally destroyed it.''

Referring to the ongoing investigation of the splits sector by the Financial Services Authority, Gilbert says: ''The amount of extra work that has been created by having to supply information to the regulator and things like that - it has been a huge burden on people. Explaining everything to clients and going through everything, it has been a huge amount of extra work, an unbelievable amount.''

Asked if he is going on holiday now, after sealing the EFM deal, Gilbert replies: ''We are too tired to do anything. We have had a year-and-a-half of misery. This has been a difficult deal to pull off. There will be a lot of work to be done to bed this down.''

Gilbert, who is married with one son, aged 17, and two daughters, aged 14 and 11, eventually concedes he will be going away during the school mid-term break.

However, he tries to play down the glamour of his impending holiday.

He says: ''I am going to go to Italy, probably in October, with my boat. I sail it myself. This is not some kind of gin palace. It is a sailing boat, which I sail myself. I don't have the crew serving me gin and tonics.''

Gilbert will also be in regular touch with his Aberdeen colleagues from his boat, not through an old ship-to-shore line but through his Blackberry device that allows him, among many other things, to access e-mails and take phone calls.

He becomes truly animated on the subject of his Blackberry - and operates it throughout the interview in a stuffy upstairs room in Edinburgh's New Club - behaviour which makes it clear his mind is never too far away from the serious business of running Aberdeen.

''These are the greatest inventions ever,'' he declares. ''Your e-mails come through live.''

Tired or not, he also retains huge passion for Aberdeen.

His hunger for ''the deal'' is evident when he speaks of EFM.

This is almost certainly his most innovative deal. He agreed the acquisition and back-to-back sale of EFM's unit trusts to long-time sparring partner John Duffield's New Star Asset Management - allowing Aberdeen to acquire funds but reduce debt simultaneously.

Gilbert says: ''The Edinburgh situation came up. It was too good an opportunity to miss, strengthening the balance sheet, adding hopefully a large chunk of good quality fee revenue. We felt we had to pursue it even if we weren't totally ready.''

It was the second time in the space of several months that Gilbert had called on Duffield. Aberdeen pulled itself back from a potentially critical debt position earlier this year with the sale of its unit trust business to New Star.

However, Gilbert shies clear of declaring that Aberdeen is on the voyage back to calm waters.

''I think it is too early to say whether we are on the way back or not.

''There is still clearly major problems in terms of what I would call the legacy of the split-capital investment trusts. Clearly we have obligations. It is not something we take lightly.''

Gilbert says he has not spoken personally to the FSA about the split-cap issue.

Asked if he expects the FSA to do anything that could threaten Aberdeen's business, Gilbert replies: ''We just haven't got a

clue.''

Quizzed about his relationship with long-time lieutenant Chris Fishwick, who resigned as a director of Aberdeen at the height of the split-capital investment trust furore last October, Gilbert replies: ''He is fine. Clearly he feels - bad is the wrong word - he is not overjoyed at what has happened or anything like that. He clearly wants to do all he can to help. He is still clearly a major shareholder in Aberdeen. He owns 2% of the company. He has been very supportive.''

However, Gilbert, who also owns about 2%, makes it plain he him-self is not dodging responsibility for the splits fiasco.

He is suitably modest when it is put to him that good words are still said about him in the City, in spite of his troubles.

''I don't know whether people say nice things or bad things about me,'' says Gilbert.

''At the end of the day, I have to take responsibility for it. As I have said on numerous occasions, if I thought it would help. . . I would fall on my sword quite gladly.

''There is nothing we can do. We are left, people like Gary (Marshall, sales and marketing director) and I, trying to sort it and move forward. You have just got to keep going.

''It has been wearing over the last year - very wearing.''

Asked if it has been wearing enough for him to consider looking to sell Aberdeen, however, Gilbert replies: ''No. No.''

He adds: ''We would like it easier in the next year. You wouldn't wish what we had been through on your worst enemy. You just wouldn't. It has been horrendous.

''In a way, it would be very nice if this (EFM) deal, did draw a line under ours and Edinburgh's couple of bad years. We are not naive enough to expect that. I think it is going to be difficult going forward as well.

''Whatever obligations we have as a result of the split-capital investment trusts, we want to be in a position to honour those obligations. We take them very seriously. What we have tried to do is make sure we are financially strong enough to weather whatever storm might be ahead.''

FACT FILE

cv points: Graduated in accountancy and law from Aberdeen University. Participated, aged 27, in the management buy-out which created Aberdeen Fund Managers in 1983. As chief executive in 1991, floated the investment house.

Biggest break: This (EFM acquisition) has been good. I think it has been as tough a deal as we have had to pull off.''

Worst moment: ''The worst moments were certainly the Treasury Select Committee (hearings on split-capital investment trusts).''

Ideal job as a child: ''Definitely an airline pilot.''

Ambition: ''To clear up this (split-capital issue) and get back on to doing what we do best - running clients' money for them.''