28th Mar 2006 07:01
Aberdeen Asset Management PLC28 March 2006 Tuesday 28 March ABERDEEN ASSET MANAGEMENT PLC TRADING STATEMENT Ahead of entering the close period prior to the announcement of interim resultsfor the six months to 31 March 2006, to be issued on 2 May 2006, Aberdeen AssetManagement issues the following trading update. The Group's new business generation continues to be buoyant and it isencouraging to note that new business inflows include a contribution from thefixed income teams who joined the Group on completion of the Deutsche AssetManagement ("DeAM") transaction. Gross new business added in the 5 months to 28February totalled £4.9 billion, with a further £0.9 billion of mandates awardedbut not yet funded. Net new business for the same period totalled £2.3 billion,as follows: Funded Yet to fund Total £m £m £mNet inflows to open-end funds 862 - 862Segregated account mandates 1,153 614 1,767Closed-end funds & other 11 - 11 --------------------------------------Total fund management division 2,026 614 2,640Net inflows to property division 233 336 569 --------------------------------------Group total 2,259 950 3,209 --------------------------------------- The above figures exclude one-off withdrawals of £1.2 billion by life assuranceclients, which we have reported previously, and £4.5 billion of outflows fromthe ex-DeAM equity and multi-asset business, which were anticipated and builtinto the transaction structure by means of a conditional deferred considerationarrangement. Assets under management at 28 February 2006 were £72.0 billion. Equity performance continues strongly in Asia Pacific and emerging markets andthis is reflected in very healthy new business inflows in these product areas.Performance is also robust in global equities and UK equities, which bodes wellfor broadening the scope of equity inflows in future periods. New businessopportunities are, of course, further enhanced by the addition of the ex-DeAMfixed income teams in London and Philadelphia and £0.4 billion of net fixedincome inflows have been achieved in the 5 month period. Our property division has also had a strong 5 month period, which culminated ina very successful second closing of a new European Balanced Property Fund whichhas now raised a total of €623 million (£424 million). Further fund initiativesare under development. As has been reported previously, the integration of the respective Aberdeen andex-DeAM front office teams in both London and Philadelphia was completedsuccessfully within the planned timescales. Integration of the administrationfunctions, which is undertaken in a controlled manner over a longer timescale,continues to proceed according to plan. A smooth transition cannot happenwithout the cooperation of a large number of people and the progress to datereflects the enthusiasm and professionalism of everyone in the combined teamsand our outsourced service providers. - END - For further information----------------------- Fiona PiperMaitland 0207 379 5151 ABERDEEN ASSET MANAGEMENT PLCASSETS UNDER MANAGEMENT AT 28 FEBRUARY 2006 28 Feb 06 30 Sep 05 £m £mBy type of mandate:Institutional funds 54,481 44,633Open end funds 11,213 9,060Closed end funds 5,592 5,312Other 743 734 -------------------------- 72,029 59,739 --------------------------By asset class:Equities: UK 11,694 16,294Asia Pacific 11,960 8,672Europe 2,267 2,672North America 2,019 2,619Japan 1,441 1,045Emerging markets 829 609 -------------------------- 30,210 31,911 --------------------------Fixed interest & cash: UK 12,776 12,541 Overseas 22,907 9,761 -------------------------- 35,683 22,302 --------------------------Property 6,136 5,526 -------------------------- 72,029 59,739 -------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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