Scotland business

Assets fall hits Aberdeen Asset Management shares

Stock market board Image copyright Thinkstock
Image caption Aberdeen said assets under management fell by 0.6% over the last quarter

Shares in fund manager Aberdeen Asset Management dipped on Monday after the company saw assets fall slightly in the three months to the end of June.

Assets under management fell 0.6% to £322.5bn, after one client pulled £4.2bn from some of its low-margin equity funds during the quarter.

However, the firm said underlying new business had "a more encouraging tone".

It added investor sentiment towards Asia and emerging markets showed some recovery in the third quarter.

Aberdeen also reported that £3.3bn left its Scottish Widows Investment Partnership business, which it acquired at the start of the last quarter..

But it said much of the outflow had been expected.

Chief executive Martin Gilbert said: "Encouragingly, investor sentiment towards Asia and emerging markets recovered somewhat during the quarter.

"While the improvement in our underlying equity new business flows has been masked by a significant withdrawal by a single client, it is rewarding to see growing interest in our broader product range."

"We completed the acquisition of Swip at the beginning of the quarter and we are pleased with the progress of the integration so far, in terms of both timing and the planned synergies."

He added: "Our enlarged and strengthened business enables us to meet the needs of a broader range of clients given our diverse product mix and Aberdeen, as a result, is even better placed to deliver attractive returns to clients and shareholders alike."

At 10:30 on Monday, shares in Aberdeen were down by more than 3.2%.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites