NICHOLAS BURGESS | ROYAL BANK OF SCOTLAND
Aberdeen’s full-year result has beaten consensus forecasts, yet remains at a 15 per cent discount to the broader sector. Reporting pre-tax profit of £210m took the firm eight per cent ahead of consensus of £195m. The outperformance looks evenly spread between performance fees and management fees.
JAMES HAMILTON | NUMIS
Having been buyers for a long time, we recently moved to ‘hold’ and maintain our ‘hold’ rating as we now feel the shares are fairly valued taking into account the still weak sector versus asset under management flows. Weak organic flows are being driven by weak fixed income offsetting better flows.
MANOJ LADWA | ETX CAPITAL
Aberdeen is looking more like the heavyweight champion of the industry as it reported solid full-year numbers. Effective management has seen an increase in profit, dividends and assets despite tough economic conditions. This is one fund manager that’s likely to continue punching above its weight.