Aberdeen Asset Management sees rise in investors
THIS year’s recovery in stock markets has resulted in a slowdown in the numbers of investors heading for the exit, fund manager Aberdeen Asset Management said yesterday.
An exodus of £29.8billion of clients’ money from the firm in the year to the end of September, outweighed inflows of £19.1billion.
But this masked an improvement in the second half when inflows rose to £13.7billion, up from £5.4billion a year earlier, as investors were tempted back into equity-related investments following improving financial markets and record low interest rates. Aberdeen shrugged off fears about the impact of the Dubai crisis, saying major flows of Middle East investment had come from elsewhere in the region.
Pre-tax profits of £85.1million were down £10million on a year earlier. Funds under management rose from £111billion to £146billion, boosted by the takeover of Credit Suisse’s UK business.
“The outlook is very encouraging at the moment because of the triple whammy of cost-cutting, much better markets and the Credit Suisse acquisition,” said chief executive Martin Gilbert.