Aberdeen Asset sees profits at top end

Date: Monday 26 Sep 2011

Fund manager Aberdeen Asset Management says its profits for the full year will be at the top end of analysts’ forecasts despite the recent volatility in markets.

At 31 August, assets under management totalled £176.9bn, a 4.8% decrease on the total at 30 June.

“Markets have been particularly volatile in recent weeks, as concerns about the Eurozone debt crisis and its impact on the global financial system have intensified,” Aberdeen Asset said.

“Against this background, it is not surprising that we have seen some slowing of gross inflows, but there has been no increase in the rate of outflows and we have continued to see encouraging net inflows from key products.”

The company said it had seen an increase in operating margins and that profit for the current financial year will be at the top end of analysts’ forecasts of between £262m and £297m.

“There is no easy resolution to Europe's sovereign debt problems and the expectation is for anaemic economic growth in the West for some time,” said chief executive Martin Gilbert.

“However, Aberdeen's approach and broad product range means we are well placed to meet the needs of our clients around the world in this difficult environment."

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RG

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