Aberdeen sees three per cent gain in AuM

Aberdeen Asset Management saw a three per cent rise in assets under management (AuM) in its first quarter helped by a strong gain in the Equities business.

Aberdeen Asset Management saw a three per cent rise in assets under management (AuM) in its first quarter helped by a strong gain in the Equities business.

However, the investment management company said that while stock markets worldwide have begun 2013 with a "more positive" tone, "we believe that uncertainty still persists and that further periods of volatility remain likely in the months ahead".

AuM at December 31st 2012, the end of the group's fiscal first quarter, was £193.4bn, up 3% on the £187.2bn recorded at September 30th 2012.

Gross new business wins in the quarter totalled £10.8bn, up from £9.0bn the quarter before, and while outflows increased from £9.0bn to £9.7bn, Aberdeen recorded net inflows for the quarter of £1.1bn.

Nevertheless, the firm said that the trend seen in 2012 has continued, "whereby inflows have been attracted into higher margin pooled funds investing in both equities and bonds whilst outflows have been mainly from lower margin segregated portfolios". Net flows for the quarter added around £30m of annualised fee income.

"Flows into our equity products have remained strong, with our Asia Pacific product having been particularly popular in the latest quarter. Net inflows to emerging market equities have continued at a higher rate than we are comfortable with and we are working to achieve a slowdown to ensure performance is not compromised."

Chief Executive Martin Gilbert said that the firm's overall performance "continues to be strong".

"The economic problems of many developed world countries are likely to remain a challenge for growth and markets for some years to come. However, Aberdeen's focus on fundamentals and expertise in a wide range of asset classes leaves us well placed to continue to meet the needs of our clients," he said.

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