ref="http://www.cityam.com/company/aberdeen-asset-management">ABERDEEN Asset Management yesterday reported a £2bn summer inflow into its high margin equity business but failed to prevent a £100m slide in net new business.
The £2bn of new flows into equities during July and August was offset by declines in its fixed income portfolios and Aberdeen Solutions offering, which had a collective outflow of £2bn.
Outflows of £100m from its money market funds took total net new business into negative territory.
The £100m slowdown meant total outflows for the 11 months up to the end of August 2012 totalled £200m, an improvement on the £800m of net outflows for the year previously.
Equity inflows over the two months were biased towards higher margin pooled products, which the firm predicted would add approximately £10m of annualised recurring fee income.
Aberdeen chief executive Martin Gilbert said: “With uncertainty surrounding the global macro-economic situation our disciplined and fundamental approach to investing continues to attract flows from a wide range of clients from around the world.
“Our strong performance across a variety of capabilities and products means we remain well positioned to meet the needs of investors.”