Final Results

2013

2012

Net revenue

£1,078.5m

£869.2m

Pre-tax profit

Before amortisation of intangibles and acquisition costs

£482.7m

£347.8m

After amortisation of intangibles and acquisition costs

£390.3m

£269.7m

Diluted earnings per share

Before amortisation of intangibles and acquisition costs

32.5p

22.6p

After amortisation of intangibles and acquisition costs

26.2p

17.6p

Total dividend per share

16.0p

11.5p

Gross new business

£43.9bn

£36.0bn

Net new business

(£2.5bn)

£0.0bn

Assets under management at the year end

£200.4bn

£187.2bn

Group Income Statement

For the year to 30 September 2013

2013

2012

Before

amortisation and acquisition costs

Amortisation and acquisition costs

Total

Before

amortisation and acquisition costs

Amortisation and acquisition costs

Total

Notes

£m

£m

£m

£m

£m

£m

Gross revenue

1,314.8

-

1,314.8

1,048.8

-

1,048.8

Commissions payable

(236.3)

-

(236.3)

(179.6)

-

(179.6)

Net revenue

2

1,078.5

1,078.5

869.2

-

869.2

Operating costs

(589.3)

-

(589.3)

(516.5)

-

(516.5)

Amortisation of intangible assets

-

(73.2)

(73.2)

-

(78.1)

(78.1)

Acquisition costs

-

(19.2)

(19.2)

-

-

-

Operating expenses

(589.3)

(92.4)

(681.7)

(516.5)

(78.1)

(594.6)

Operating profit

489.2

(92.4)

396.8

352.7

(78.1)

274.6

Net finance costs

5

(3.5)

-

(3.5)

(5.1)

-

(5.1)

(Losses) gains on investments

(3.0)

-

(3.0)

0.2

-

0.2

Profit before taxation

482.7

(92.4)

390.3

347.8

(78.1)

269.7

Tax expense

6

(79.1)

17.6

(61.5)

(62.7)

16.6

(46.1)

Profit for the year

403.6

(74.8)

328.8

285.1

(61.5)

223.6

Attributable to:

Equity shareholders of

the Company

307.7

208.7

Other equity holders

20.5

14.9

Non-controlling interests

0.6

-

328.8

223.6

Earnings per share

Basic

8

27.16p

18.88p

Diluted

8

26.22p

17.55p

Group Statement of Comprehensive Income

For the year to 30 September 2013

2013

2012

£m

£m

Profit for the year

328.8

223.6

Items that will not be reclassified subsequently to profit or loss

Net actuarial (loss) gain on defined benefit pension schemes

(9.6)

0.6

Tax on net actuarial loss on defined benefit pension schemes

2.1

-

(7.5)

0.6

Items that may be reclassified subsequently to profit or loss

Translation of foreign currency net investments

(11.3)

(9.2)

Available for sale assets:

- losses during the period

-

(0.7)

- losses recycled from equity to the income statement

3.3

4.6

Tax on items that may be recycled to profit or loss

0.3

(3.4)

(7.7)

(8.7)

Other comprehensive expense, net of tax

(15.2)

(8.1)

Total comprehensive income for the year

313.6

215.5

Attributable to:

Equity shareholders of the Company

291.6

200.6

Other equity holders

20.5

14.9

Non-controlling interests

1.5

-

Group Balance Sheet

As at 30 September 2013

2013

2012

Notes

£m

£m

Assets

Non-current assets

Intangible assets

9

1,029.1

994.1

Property, plant and equipment

19.7

19.1

Other investments

11

54.5

53.1

Deferred tax assets

23.4

15.9

Pension surplus

15

9.7

12.9

Trade and other receivables

2.8

3.6

Total non-current assets

1,139.2

1,098.7

Current assets

Assets backing investment contract liabilities

12

2,516.6

2,311.9

Trade and other receivables

297.4

254.4

Other investments

11

107.8

58.5

Cash and cash equivalents

426.6

347.9

Total current assets

3,348.4

2,972.7

Total assets

4,487.6

4,071.4

Equity

Called up share capital

119.9

115.1

Share premium account

898.5

815.9

Other reserves

165.8

209.0

Retained loss

(49.1)

(51.6)

Total equity attributable to shareholders of the parent

1,135.1

1,088.4

Non-controlling interest

47.3

14.0

7.9% Perpetual capital securities

13

-

198.1

7.0% Perpetual cumulative capital notes

13

321.6

-

Total equity

1,504.0

1,300.5

Liabilities

Non-current liabilities

Pension deficit

15

14.1

28.3

Provisions

5.4

5.9

Deferred tax liabilities

45.0

36.4

Total non-current liabilities

64.5

70.6

Current liabilities

Investment contract liabilities

12

2,516.6

2,311.9

Interest bearing loans and borrowings

14

-

81.5

Trade and other payables

321.9

269.4

Other liabilities

10

27.5

-

Current tax payable

53.1

37.5

Total current liabilities

2,919.1

2,700.3

Total liabilities

2,983.6

2,770.9

Total equity and liabilities

4,487.6

4,071.4

Share

capital

£m

Share

Premium

account

£m

Otherreserves

£m

Retainedearnings

£m

Non-controlling interest

£m

Perpetual

capital

securities

£m

Total equity £m

Balance at 30 September 2011

114.9

812.2

216.8

(123.7)

16.2

198.1

1,234.5

Profit for the period

 -

 -

 -

208.7

 -

14.9

223.6

Other comprehensive expense

 -

 -

(6.7)

 (1.4)

 -

 -

(8.1)

Total comprehensive (expense) income

 -

 -

(6.7)

207.3

-

14.9

215.5

Arising on the issue of shares

 -

0.1

 -

 -

 -

 -

0.1

Conversion of convertible bonds

0.2

2.8

(0.3)

0.3

-

-

3.0

Conversion of preference shares

-

0.8

(0.8)

-

-

-

-

Share-based payments

 -

 -

 -

53.8

 -

 -

53.8

Purchase of own shares

 -

 -

 -

(83.1)

 -

 -

(83.1)

Dividends paid to shareholders

-

-

-

(106.2)

-

(14.9)

(121.1)

Non-controlling interest in consolidated funds

-

-

-

-

(2.2)

-

(2.2)

Balance at 30 September 2012

115.1

815.9

209.0

(51.6)

14.0

198.1

1,300.5

Profit for the period

-

-

-

307.7

0.6

20.5

328.8

 Other comprehensive (expense) income

-

-

(9.5)

(6.6)

0.9

-

(15.2)

Total comprehensive (expense) income

-

-

(9.5)

301.1

1.5

20.5

313.6

Arising on the issue of shares

0.1

0.3

-

-

-

-

0.4

Conversion of convertible bonds

4.7

82.3

(6.2)

6.2

-

-

87.0

Net issuance of perpetual capital notes

-

-

-

(66.0)

-

123.5

57.5

Share-based payments

-

-

-

50.9

-

-

50.9

Purchase of own shares

-

-

-

(138.9)

-

-

(138.9)

Dividends paid to shareholders

-

-

-

(150.8)

-

(20.5)

(171.3)

Acquisition of non-controlling interest

-

-

(27.5)

-

27.5

-

-

Non-controlling interest in consolidated funds

-

-

-

-

4.3

-

4.3

Balance at 30 September 2013

119.9

898.5

165.8

(49.1)

47.3

321.6

1,504.0

Group Statement of Cash Flows

For the year to 30 September 2013

2013

2012

 Notes

 £m

£m

Core cash generated from operating activities

529.1

419.8

Short-term timing differences on open end fund settlements

1.5

(5.3)

Cash generated from operations

530.6

414.5

Net interest received (paid)

1.3

(2.1)

Tax paid

(47.3)

(43.6)

Net cash generated from operations

484.6

368.8

Acquisition costs paid

(11.7)

-

Net cash generated from operating activities

4

472.9

368.8

Cash flows from investing activities

Proceeds from sale of investments

37.6

52.4

Purchase of investments

(68.4)

(53.8)

Acquisition of businesses, net of cash acquired

(83.9)

-

Purchase of intangible assets

(8.2)

(13.4)

Purchase of property, plant & equipment

(7.0)

(7.6)

Net cash used in investing activities

(129.9)

(22.4)

Cash flows from financing activities

Issue of ordinary shares

0.5

-

Purchase of own shares

(138.9)

(83.1)

Issue of 7.0% perpetual cumulative capital notes

321.6

-

Repayment of 7.9% perpetual capital securities

(264.1)

-

Dividends paid and coupon payments

(177.3)

(126.0)

Net cash used in financing activities

(258.2)

(209.1)

Net increase in cash and cash equivalents

84.8

137.3

Cash and cash equivalents at 1 October

347.9

209.5

Exchange rate fluctuations on cash and cash equivalents

(6.1)

1.1

Cash and cash equivalents at 30 September

426.6

347.9

Notes to the Accounts

1.

Preparation in accordance with IFRS

This preliminary announcement of unaudited results sets out information which will be more fully covered in the Annual Report for the year to 30 September 2013.

2.

Revenue

2013

2012

£m

£m

Revenue comprises:

Gross management fees

1,250.4

993.1

Commissions payable to intermediaries

(236.3)

(179.6)

Net management fees

1,014.1

813.5

Performance fees

50.8

47.5

Transaction fees

13.6

8.2

Net revenue

1,078.5

869.2

3

Segmental reporting

The Group operates a single business segment of asset management for reporting and control purposes.

IFRS 8 Operating Segments requires disclosures to reflect the information which the Group management board, being the body that is the Group's chief operating decision maker, uses for evaluating performance and the allocation of resources. The Group is managed as a single asset management business, with multiple investment strategies of equities, fixed income and property, complemented by our Solutions business which provides multi asset and fund of alternatives services. These strategies are managed across a range of products, distribution channels and geographic regions. Reporting provided to the Group management board is on an aggregated basis.

4.

Analysis of cash flows

2013

2012

 £m

 £m

Reconciliation of profit after tax to operating cash flow

Profit after tax

328.8

223.6

Depreciation

6.6

8.3

Amortisation of intangible assets

73.2

78.1

Unrealised foreign currency gains

-

(1.0)

Loss on disposal of property, plant and equipment

3.5

-

Losses (gains) on investments

3.0

(0.2)

Equity settled share-based element of remuneration

45.9

52.4

Net finance costs

3.5

5.1

Income tax expense

61.5

46.1

526.0

412.4

Increase in trade and other receivables

(37.1)

(1.2)

Decrease in open end fund receivables

12.5

69.7

Increase in trade and other payables

27.7

4.9

Decrease in open fund payables

(11.0)

(75.0)

Increase in provisions

0.8

3.7

Net cash inflow from operating activities

518.9

414.5

Net interest received (paid)

1.3

(2.1)

Income tax paid

(47.3)

(43.6)

Net cash generated from operating activities

472.9

368.8

5.

Net finance costs

2013

2012

£m

£m

Interest on 3.5% convertible bonds 2014

(0.9)

3.2

Interest on overdrafts, revolving credit facilities and other interest bearing accounts

3.6

1.7

2.7

4.9

Release of discount on liability component of convertible bonds

4.0

2.0

Amortisation of issue costs on convertible bonds

1.1

0.5

Total finance costs

7.8

7.4

Finance revenue - interest income

(4.3)

(2.3)

Net finance costs

3.5

5.1

6.

Tax expense

2013

2012

£m

 £m

Current year tax charge on profit before amortisation and acquisition costs

81.3

64.2

Adjustments in respect of prior periods

(2.2)

(1.5)

79.1

62.7

Tax credit on amortisation of intangible assets and acquisition costs

(17.6)

(16.6)

Total tax expense in income statement

61.5

46.1

7.

Dividends and coupons payable

2013

2012

 £m

£m

Dividend on convertible preference shares

Dividend paid

-

0.2

Coupon payments on perpetual capital securities

Coupon payments made during the year

26.5

19.8

Dividends on ordinary shares

Declared and paid during the year:

Final dividend for 2012 - 7.1p (2011 : 5.2p)

82.2

57.5

Interim dividend for 2013 - 6.0 p (2012: 4.4p)

68.6

48.5

150.8

106.0

Total dividends and coupon payments paid during the year

177.3

126.0

Proposed for approval at the Annual General Meeting

(not recognised as a liability at 30 September)

Dividends on ordinary shares:

Final dividend for 2013 - 10.0p (2012 : 7.1p)

114.8

81.2

8.

Earnings per share

The calculations of earnings per share are based on the following profits and numbers of shares.

Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive shares into ordinary shares.

Underlying earnings per share figures are calculated by adjusting the profit to exclude amortisation of intangible assets and acquisition costs. The purpose of providing the underlying earnings per share is to allow readers of the accounts to clearly consider trends without the impact of these items.

IAS33

Underlying

2013

£m

2012

£m

2013

£m

2012

alis£m

Basic earnings per share

Profit attributable to shareholders

328.8

223.6

328.8

223.6

Dividend on convertible preference shares

-

(0.2)

-

(0.2)

Coupon payments in respect of perpetual capital securities (net of tax)

(18.8)

(14.9)

(18.8)

(14.9)

Profit for the financial year

310.0

208.5

310.0

208.5

Amortisation of intangible assets, net of attributable taxation

57.2

61.5

Acquisition costs, net of attributable taxation

17.6

-

Underlying profit for the financial year

384.8

270.0

Weighted average number of shares (millions)

1,141.5

1,104.2

1,141.5

1,104.2

Basic earnings per share

27.16p

18.88p

33.71p

24.45p

Diluted earnings per share

Profit for calculation of basic earnings per share, as above

310.0

208.5

384.8

270.0

Add: interest on 2014 convertible bonds, net of attributable taxation

3.2

4.3

3.2

4.3

Add: dividend on convertible preference shares

-

0.2

-

0.2

Profit for calculation of diluted earnings per share

313.2

213.0

388.0

274.5

Weighted average number of shares (millions)

For basic earnings per share

1,141.5

1,104.2

1,141.5

1,104.2

Dilutive effect of 2014 convertible bonds

6.2

48.6

6.2

48.6

Dilutive effect of convertible preference shares

-

3.1

-

3.1

Dilutive effect of LTIP awards

0.1

0.2

0.1

0.2

Dilutive effect of exercisable share options and deferred shares

46.7

57.5

46.7

57.5

1,194.5

1,213.6

1,194.5

1,213.6

Diluted earnings per share

26.22p

17.55p

32.48p

22.62p

9.

Intangible assets

2013

2012

£m

£m

Management contracts

312.1

310.6

Distribution contracts

12.2

21.2

Goodwill

690.2

652.9

Software

14.6

9.4

1,029.1

994.1

10.

Acquisitions

a.

On 21 May 2013, the Group completed the purchase of Artio Global Investors Inc. ("Artio"), a US listed asset manager, for a purchase consideration of £109.8 million ($166.5 million).

The acquisition of Artio adds scale to our existing US fixed income business and will complement our organic efforts to expand distribution in the US. In the four months to 30 September 2013, Artio contributed revenue of £8.5 million and profit before taxation of £4.1 million. If the acquisition had occurred on 1 October 2012, we estimate that consolidated revenues would have been increased by £24.2 million, and consolidated profit before taxation for the year would have been increased by £11.0 million. In determining these amounts, we have assumed that the fair value adjustments that arose on the acquisition date would have been the same if the acquisition had occurred on 1 October 2012.

Acquisition costs of £16.3 million were incurred and have been included in exceptional costs. £10.8 million related to redundancy and other severance costs.

b.

On 31 May 2013, the Group acquired 50.1% of the issued share capital of SVG Managers, a fund of private equity specialist, for a cash consideration of £17.5 million plus the contribution of the Group's existing fund of private equity business. This business was combined with Aberdeen's existing private equity capability to create a substantial private equity fund of funds business with around £5 billion of assets under management and was renamed Aberdeen SVG.

The Group has a call option to acquire, and SVG Capital plc a put option to sell, the remaining 49.9% stake at any time from the third anniversary of completion, at a price based on a valuation of the business at the time the option is exercised, subject to a minimum of £20 million and a maximum of £35 million. As the exercise of the put option is outside the control of the Group, the option has been recognised as an other liability measured at fair value and the remaining 49.9% has been recorded as a

non-controlling interest.

The fair value of the put option has been recognised at £27.5 million. This value is based on the expected payment of £35 million and calculated by discounting the expected future liability at a market related discount rate, expected future performance and assuming the option will be exercised after three years.

Acquisition costs amount to £2.9 million and have been included in exceptional costs. These mainly relate to exiting a property lease.

Aberdeen SVG contributed £9.0 million revenue and £0.7 million to the Group's profit before taxation for the period between the date of acquisition and the balance sheet date. If the acquisition of SVG had occurred on 1 October 2012, we estimate that consolidated revenues for the period would have been increased by £25.0 million and consolidated profit before taxation would have been £8.9 million.

c.

Acquisition costs

The following acquisition costs were incurred during the year in relation to the two acquisitions described above.

2013

£m

Redundancy and other severance costs

10.8

Transaction and deal costs

3.5

Lease termination costs

3.9

Other costs

1.0

19.2

d.

Independent valuation specialists were engaged to carry out a valuation of the acquired goodwill and intangible assets. The fair value adjustments from this allocation process are reflected in the table below. Goodwill is mainly attributable to the skills of the workforce acquired and the synergies expected to be achieved from the acquisition. None of the goodwill is expected to be deductible for corporation tax purposes.

Fair value of the intangible assets has been valued based on the present value of expected cashflows of the underlying management contracts, with the exception of £1.7 million of internally developed software acquired in the SVG acquisition. The fair value for the internally developed software has been determined based on management's best estimate of replacement cost.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below.

Business acquired from Artio

Business acquired from SVG

Group

At date of acquisition

£m

Fair value adjustment

£m

Fair Value

£m

At date of acquisition

£m

Fair value adjustment

£m

Fair Value

£m

Intangible assets

-

36.6

36.6

-

29.1

29.1

Property, plant and equipment

1.7

-

1.7

1.1

-

1.1

Seed capital investment

15.3

-

15.3

-

-

-

Trade and other receivables

28.0

(1.1)

26.9

5.2

-

5.2

Deferred tax assets

-

-

-

3.3

-

3.3

Cash

36.0

-

36.0

7.4

-

7.4

Trade and other payables

(13.5)

(4.3)

(17.8)

(12.0)

1.0

(11.0)

Derivatives at fair value through profit and loss

-

-

-

(0.3)

-

(0.3)

Deferred tax liabilities

(1.1)

(12.0)

(13.1)

-

(5.8)

(5.8)

Total identifiable net assets acquired

66.4

19.2

85.6

4.7

24.3

29.0

Goodwill

24.2

16.0

109.8

45.0

Discharged by:

Cash

109.8

17.5

Fair value of the written put option

-

27.5

Total consideration

109.8

45.0

If information obtained within one year of the acquisition dates about facts and circumstances that existed at acquisition date identifies adjustments to the above amounts, or any additional provisions that existed at acquisition date, then the accounting for the acquisition will be revised.

11.

Other investments

2013

2012

£m

£m

Non-current assets

Non-current investments

54.5

53.1

Current assets

Seed capital investments

69.6

40.4

Investment in funds to hedge deferred bonus liabilities

25.7

11.5

Investments of life and pensions subsidiary

12.2

6.6

Other investments

0.3

-

107.8

58.5

Seed capital investments consist of amounts invested in funds when the intention is to dispose of these as soon as practicably possible.

Investments in certain Aberdeen managed funds are held to hedge against liabilities from bonus awards that are deferred and settled in cash by reference to the share price of those funds.

12.

Assets backing investment contract liabilities

These assets are held by the Group's life assurance and pooled pension subsidiary to meet its contracted liabilities.

The risks and rewards of these assets fall to the benefit of or are borne by the underlying policyholders. Therefore, the investment contract liabilities shown in the Group's balance sheet are equal and opposite in value to the assets held on behalf of the policyholders. The Group has no direct exposure to fluctuations in the value of assets which are held on behalf of policyholders, nor to fluctuations in the value of the assets arising from changes in market prices or credit default. The Group's exposure to these assets is limited to the revenue earned, which varies according to movements in the value of the assets.

13.

Perpetual capital securities

On 1 March 2013 the Group issued US$500 million perpetual cumulative capital notes. The securities bear interest on their principal amount at 7.0% per annum, payable quarterly in arrears on 1 March, 1 June, 1 September and 1 December in each year commencing on 1 June 2013. Net proceeds after deduction of issue expenses were £321.6 million.

US$400 million of the proceeds were used to repay the 7.9% perpetual capital securities on 29 May 2013. The reduction in equity arising from this repayment was £264.1 million.

The original value of the 7.9% perpetual was fixed in Sterling at £198.1 million. The difference between the original value and the final repayment of £264.1 million was £66.0 million and this was debited to retained profit.

14.

Interest bearing loans and borrowings

On the 31 October 2012, the Company notified remaining bondholders that all outstanding bonds in issue on 3 January 2013 would be redeemed in full. All bondholders exercised their conversion rights prior to the redemption date and the remaining bonds were converted into ordinary shares of the Group at a conversion price of 185p.

15.

Retirement benefits

The Group's principal form of pension provision is by way of three defined contribution schemes operated worldwide. The Group also operates several legacy defined benefit schemes which include, in the UK, the Murray Johnstone Limited Retirement Benefits Plan and the Edinburgh Fund Managers Group plc Retirement & Death Benefits Plan. These defined benefit schemes are closed to new membership and to future service accrual.

2013

2012

 £m

 £m

Pension scheme deficits

(14.1)

(28.3)

Pension scheme surplus

9.7

12.9

Net deficit

(4.4)

(15.4)

16.

The financial information set out above does not constitute the Company's statutory accounts for the years ended 30 September 2013 or 2012. The financial information for 2012 is derived from the statutory accounts for 2012 which have been delivered to the Registrar of Companies. The auditor has reported on those accounts. Their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The audit of the statutory accounts for the year ended 30 September 2013 is not yet complete. These accounts will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting.

ASSETS UNDER MANAGEMENT

2013

2012

£bn

£bn

Equities

113.8

100.7

Fixed income

36.8

36.3

Aberdeen solutions

28.8

25.6

Property

15.0

16.7

Money market

6.0

7.9

200.4

187.2

Segregated mandates

102.6

102.8

Pooled funds

97.8

84.4

200.4

187.2

We have transferred the property multi-manager team to the Solutions asset class, having previously been included in Property. This brings together all of the fund of fund teams in one asset class.

All flows information for 2013 reflects this transfer. The 2012 AuM has also been restated. The value of the property multi manager AuM at 30 September 2012 was £2.0 billion.

3 mths to

31 Dec 12

£m

3 mths to

31 Mar 13

£m

3 mths to

30 Jun 13

£m

3 mths to

30 Sep 13

£m

Year to

30 Sep 13

£m

Gross inflows:

Segregated mandates

3,328

2,996

2,603

4,348

13,275

Pooled funds

7,476

10,804

7,055

5,288

30,623

10,804

13,800

9,658

9,636

43,898

Gross outflows:

Segregated mandates

4,885

4,028

4,629

5,567

19,109

Pooled funds

4,861

6,438

8,381

7,651

27,331

9,746

10,466

13,010

13,218

46,440

Net flows:

Segregated mandates

(1,557)

(1,032)

(2,026)

(1,219)

(5,834)

Pooled funds

2,615

4,366

(1,326)

(2,363)

3,292

1,058

3,334

(3,352)

(3,582)

(2,542)

NEW BUSINESS FLOWS 30 SEPTEMBER 2013 - ASSET CLASS

3 mths to

31 Dec 12

£m

3 mths to

31 Mar 13

£m

3 mths to

30 Jun 13

£m

3 mths to

30 Sep 13

£m

Year to

30 Sep 13

£m

Gross inflows:

Equities

6,701

10,052

6,066

6,111

28,930

Fixed income

1,950

1,862

1,786

1,020

6,618

Aberdeen solutions

1,126

670

657

537

2,990

Property

139

66

135

725

1,065

Money market

888

1,150

888

766

3,692

Total excluding Artio

10,804

13,800

9,532

9,159

43,295

Artio

-

-

126

477

603

10,804

13,800

9,658

9,636

43,898

Gross outflows:

Equities

3,587

5,327

6,529

6,829

22,272

Fixed income

2,725

2,449

3,144

1,746

10,064

Aberdeen solutions

1,533

1,358

1,318

1,438

5,647

Property

548

88

612

720

1,968

Money market

1,353

1,244

996

1,969

5,562

Total excluding Artio

9,746

10,466

12,599

12,702

45,513

Artio

-

-

411

516

927

9,746

10,466

13,010

13,218

46,440

Net flows:

Equities

3,114

4,725

(463)

(718)

6,658

Fixed income

(775)

(587)

(1,358)

(726)

(3,446)

Aberdeen solutions

(407)

(688)

(661)

(901)

(2,657)

Property

(409)

(22)

(477)

5

(903)

Money market

(465)

(94)

(108)

(1,203)

(1,870)

Total excluding Artio

1,058

3,334

(3,067)

(3,543)

(2,218)

Artio

-

-

(285)

(39)

(324)

1,058

3,334

(3,352)

(3,582)

(2,542)

3 mths to

31 Dec 12

£m

3 mths to

31 Mar 13

£m

3 mths to

30 Jun 13

£m

3 mths to

30 Sep 13

£m

Year to

30 Sep 13

£m

Gross inflows:

Asia Pacific

2,415

4,430

3,088

3,245

13,178

Global emerging markets

3,260

4,482

1,682

1,669

11,093

Europe

23

24

44

21

112

Global & EAFE

926

1,038

1,131

1,026

4,121

UK

25

41

49

66

181

US

52

37

72

84

245

Total excluding Artio

6,701

10,052

6,066

6,111

28,930

Artio

-

-

51

1

52

6,701

10,052

6,117

6,112

28,982

Gross outflows:

Asia Pacific

991

1,390

2,344

2,580

7,305

Global emerging markets

1,563

2,914

2,608

2,353

9,438

Europe

50

39

82

37

208

Global & EAFE

617

873

892

1,689

4,071

UK

72

55

67

44

238

US

294

56

536

126

1,012

Total excluding Artio

3,587

5,327

6,529

6,829

22,272

Artio

-

-

112

123

235

3,587

5,327

6,641

6,952

22,507

Net flows:

Asia Pacific

1,424

3,040

744

665

5,873

Global emerging markets

1,697

1,568

(926)

(684)

1,655

Europe

(27)

(15)

(38)

(16)

(96)

Global & EAFE

309

165

239

(663)

50

UK

(47)

(14)

(18)

22

(57)

US

(242)

(19)

(464)

(42)

(767)

Total excluding Artio

3,114

4,725

(463)

(718)

6,658

Artio

-

-

(61)

(122)

(183)

3,114

4,725

(524)

(840)

6,475

3 mths to

31 Dec 12

£m

3 mths to

31 Mar 13

£m

3 mths to

30 Jun 13

£m

3 mths to

30 Sep 13

£m

Year to

30 Sep 13

£m

Gross inflows:

Asia Pacific

160

165

218

66

609

Australia

395

269

330

259

1,253

Convertibles

17

32

54

36

139

Currency overlay

13

57

36

19

125

Emerging markets

1,043

946

448

356

2,793

Europe

60

31

50

11

152

Global

15