Aberdeen lifts AuM as risk appetite improves

Aberdeen Asset Management said assets under management increased in the last six months, as risk appetite continues to improve, but it remains cautious about the market outlook.

AuM increased 13% to £212.3bn for six months to March 31st 2013 from the same time a year earlier after a positive market and currency performance and net new business flows.

Revenue increased 25% to £516.0m while underlying pre-tax profit rose 37% to £222.8m. Underlying earnings per share increased 43% to 14.9p.

Operating margin rose to 43.8% from 40.1% in the first half of 2012. Average fee margin climbed to 49.0bps from 43.9bps.

Chief Executive Martin Gilbert commented: "It has been a strong first half to the year with investors' appetite for risk assets returning. As a result we have seen healthy net new business flows which, combined with performance by global markets, has generated strong growth in our revenue and in profit margins."

"We remain cautious on the market outlook but believe our fundamental approach to investing will continue to serve our clients' long term needs."

The dividend payment has been increased 36% to 6.0per share.

Looking ahead, the company added: "The six month period under review has generally replicated conditions experienced in 2012, with positive market performance for much of the first half year followed by volatility during early April."

"We are consequently measured in our outlook but confident that our investment philosophy and process will remain well suited to the pursuit of further profitable growth."

CJ