29th Sep 2014 06:52
LONDON (Alliance News) - Aberdeen Asset Management PLC Monday reported a 2.7% increase in assets under management over July and August, as positive market movements and performance more than offset GBP1.7 billion of net outflows.
In the three months to the end of June, Aberdeen recorded GBP8.8 billion of net outflows, prompting the asset manager to say that net outflows have "moderated" in the two months since. Aberdeen said inflows were won into higher margin products, while outflows were more weighted towards lower-margin capabilities.
In a statement, the FTSE 100 asset manager said it had GBP331.2 billion in assets under management at the end of August, an increase from GBP322.5 billion at the end of June. Market movements and performance added GBP7.9 billion to assets under management over the two-month period.
"Our equity capabilities are recovering, both in terms of performance and flows following a tough 2013. It's also encouraging that our marketing focus on non-equity products is gaining traction, particularly in terms of property and emerging market debt," Chief Executive Martin Gilbert said in a statement.
The CEO also said that Aberdeen has made significant progress over the past year with the acquisition of Scottish Widows Investment Partnership from Lloyds Banking Group PLC.
"Our enhanced fixed income, property and solutions capabilities, combined with our historic strength in equities, mean we are well placed to meet the future needs of investors around the world. With the SWIP integration on track we remain confident that the increased scale and breadth of the group's business provides a solid foundation to weather what are likely to remain volatile markets," Gilbert said.
Aberdeen Asset Management shares Friday closed down 0.4% at 397.98 pence.
By Samuel Agini; [email protected]; @samuelagini
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