23rd Jul 2015 06:40
LONDON (Alliance News) - Aberdeen Asset Management PLC on Thursday said its assets under management dropped in the third quarter of its financial years amid outflows related to volatility in Asian and emerging markets.
The FTSE 100-listed asset manager said its assets under management fell to GBP307.3 billion at the end of June, down from GBP330.6 billion at the end of March. Aberdeen attributed the fall to market conditions and foreign exchange movements.
Net outflows in the quarter hit GBP9.9 billion, amid institutional investors continuing to reduce their exposure to Asia and emerging markets equities. Aberdeen added it had GBP4 billion in new commitments and mandates awarded but not funded at the end of June.
"Market and FX movements together with low-margin outflows from certain fixed income and solutions clients accounted for a large proportion of the decline in AuM. In addition, macro-economic factors and investor sentiment towards Asia and emerging markets continued to weigh on equity flows. Despite this the long term investment case for Asia and emerging markets is unchanged and we believe that committed investors will be rewarded over time," said Martin Gilbert, Aberdeen's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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