AUM at Aberdeen dip, despite inflow of funds

Date: Monday 26 Jul 2010

Aberdeen Asset Management saw a net inflow of funds in the April to June quarter, with demand for its pooled fund products especially robust.

The fund manager saw assets under management during its third quarter slide, however, to £164.7bn from £170.9bn at the end of Match, as equity markets declined and exchange rate movements proved unhelpful.

Redemptions slowed compared to the previous two quarters, particularly on fixed income mandates. As a result, net new business for the quarter totalled £0.3bn, compared to net outflows of £2.2bn in the equivalent quarter last year.

The company said £11.2bn of new business was won in the quarter.

The debt situation continues to improve and the company is on target to eliminate its short-term bank debt by the financial year-end (September 30).

"We have seen healthy new business wins and slowing redemptions, resulting in net inflows for the period. Of particular note is the increase in net inflows to our pooled funds. This success is due to the diversified nature of our business, both in terms of asset class and our global client base, as well as our consistent and disciplined investment processes,” claimed chief executive Martin Gilbert.

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