Aberdeen's assets grow 2.4% in fourth quarter
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The amount of money run by Aberdeen Asset Management rose by 2.4% over the fourth quarter of the year, despite the company witnessing net outflows.
Martin Gilbert
According to the firm’s latest update, assets under management (AUM) for the three months to December 31 amounted to £173.9 billion, up from the £169.9 billion in the previous quarter.
Aberdeen won £7.8 billion in new business in the final three months of 2011. However, redemptions of £10.6 billion resulted in £2.8 billion worth of outflows during the quarter.
Equity products saw “robust” net inflows of £900m in the fourth quarter. Net outflows stood at £2.1 billion in Aberdeen’s fixed income range, £1.1 billion in Aberdeen solutions and £500m in money market products.
The company’s AUM were bolstered principally by market appreciation, performance and foreign exchange, which increased the money run by the company by £5.9 billion over the quarter.
Martin Gilbert, chief executive of Aberdeen, says: “These figures continue the momentum from Aberdeen’s strong full year results.
“New business flows remain focused on our higher margin pooled funds with outflows largely limited to lower margin strategies. Revenues continue to improve steadily while costs remain under control.”
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