Aberdeen Asset profit soars

Date: Tuesday 04 May 2010

Underlying profits almost trebled at fund manager Aberdeen Asset in the first six months of the year as a recovery in equity markets and lower costs helped margins soar.

Pre-tax profits to March jumped from £17.9m to £59.5m with underlying profits up from £33m to 92.6m on sales up from £192m to £295m.

Funds under management jumped from £96bn to £173bn, while the group stopped the outflow of funds, pulling in £0.1bn against an outflow or £8.5bn this time last year. Gross new business rose to £2bn.

Chief executive Martin Gilbert said the results justified the recent strategy of selective acquisitions at attractive prices. "The acquisition of the funds of funds business from RBS in January expands our investment capabilities to include equities, fixed income, property and alternatives and also further diversifies our distribution channels," he said.

"2010 has started strongly," he added. The interim dividend is 3.2p, up 14%.

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