Aberdeen heralds end to torrent of investor outflows

ABERDEEN Asset Management heralded an end to precipitous client withdrawals yesterday, after it saw a modest net redemption of &pound;2.2bn from its funds in the quarter to end-June. <br /><br />This was thanks to renewed interest in its equity funds, mainly those funds focused on investing in Asia Pacific, emerging markets and global equities, although its bond funds fared less well. <br /><br />The net redemption &ndash; the total of new investments combined with the total withdrawals seen &ndash; compares with the &pound;4.23bn net redemption seen in the previous quarter. <br /><br />The equity fund range saw a net investment of &pound;1.58bn in the period, while the fixed-income range saw a net redemption of &pound;2.71bn.<br /><br />The modest overall redemption, plus the group&rsquo;s integration of &pound;35.3bn of assets acquired from Credit Suisse&rsquo;s UK asset management business, saw its total assets rise by 34 per cent in the quarter to &pound;129.2bn.<br /><br />In the group&rsquo;s interim management statement yesterday, chief executive Martin Gilbert said there was &ldquo;good progress across several fronts&rdquo; this year. &ldquo;We have a strong new business pipeline in equities, fixed income and property, we have taken action to manage our cost base, have expanded our product offering and have consolidated our position as a leading global asset manager,&rdquo; he said. <br /><br />Broker Evolution Securities raised its rating on the firm to &ldquo;Neutral&rdquo; from &ldquo;Reduce&rdquo;, while other brokers kept their ratings and called the trading statement broadly as expected.<br /><br /><strong>OUTFLOWS EASING: THE ABERDEEN TEAM</strong><br /><br /><strong>MARTIN GILBERT </strong><br />Chief executive officer<br /><br /><strong>ROGER CORNICK</strong><br />Chairman<br /><br /><strong>BILL RATTRAY </strong><br />Finance director<br /><br /><strong>ANDREW LAING</strong><br />Deputy chief executive officer