Aberdeen outflows hit £3.4bn
ABERDEEN Asset Management today reported net outflows of £3.4bn in the three months to 30 June, more than analyst forecasts of £1.3bn.
The London-listed asset manager said that funds had mainly been drawn out of its lower margin products, although its emerging markets funds also saw some losses.
Aberdeen attributed £0.3bn of outflows to the assets under management acquired from Artio Global Investors.
Assets under management totalled £209.6bn on 30 June, a one per cent decrease from 31 March.
“We have delivered resilient figures during the third quarter given the volatile global market conditions,” said chief executive Martin Gilbert.
“Our disciplined investment approach meant a broad range of our products attracted interest from investors although towards the end of the period outflows increased due to heightened market turbulence.
“The net outflow also reflects the deliberate steps we have taken to manage the capacity of our Global Emerging Market equity funds for the benefit of existing clients.”