5th May 2015 06:22
LONDON (Alliance News) - Aberdeen Asset Management PLC Tuesday said assets under management grew over the course of the second half of its financial year, as net outflows were more than offset by market movements and performance, while the group revealed plans to return surplus capital to shareholders.
In a statement, the asset manager and FTSE 100 constituent said assets under management grew to GBP330.6 billion from GBP324.4 billion between September 30, 2014 and March 31, 2015.
Net outflows amounted to GBP11.30 billion over the six months, with GBP6.50 billion of that amount coming in the second quarter. Market movement and performance offset the net outflows, adding GBP13.5 billion to assets under management.
"The potential for global economic and political uncertainty remains, and we expect operating conditions to remain challenging in the short term. However, with our more diversified business, we remain well positioned to meet and adapt to the long term, changing needs of our investors over the coming years and to attract new assets," Chairman Roger Cornick said in a statement.
The group said it intends to launch a share buyback of up to GBP100 million to return surplus capital to shareholders. It will conduct the programme over the remainder of the year. It increased its interim dividend to 7.5 pence per share from 6.75 pence per share.
First-half pretax profit increased to GBP185.4 million from GBP168.7 million, as net revenue increased by 21% to GBP605.2 million.
Operating expenses increased to GBP416.2 million from GBP335.2 million.
By Samuel Agini; [email protected]; @samuelagini
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