Fund manager Aberdeen Asset Management saw assets under management (AuM) slip slightly in the third quarter, but says that this result was resilient amidst an uncertain environment.
AuM in the three months to June 30th totalled £182.7bn, 1.0% lower than the £184.7bn recorded at March 31st.
The company added gross new business of £8.8bn in the quarter, down from £10.9bn in the same quarter last year, bringing the total for first nine months of the year to £27bn, compared with £33.9bn previously.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Net new business inflows for the quarter totalled £0.3bn (2011: £0.7bn), with healthy net inflows to the higher margin equity products being offset by net outflows from the lower margin capabilities. Overall, the impact of the quarter's net flows will add approximately £15m of annualised fee income, Aberdeen said.
Gross inflows fell £1.6bn year-on-year in the third quarter, with the group saying that it has seen a slowing of flows into the global emerging market equity funds.
Chief Executive Martin Gilbert said: "This has been another successful quarter for Aberdeen, despite the global economic uncertainties and subdued conditions in the world's financial markets. We continue to concentrate on delivering superior investment performance and service for our clients, which enables us to grow organically whilst maintaining a strong balance sheet."
The group said that it expects further volatility in global markets but remains confident that it can continue organic growth in revenue and profit.
BC
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
