Aberdeen Asset Management has reported a 24 per cent jump in net revenue, to £1.1bn. The company, now set to become the largest independent fund manger in Europe, after its announcement this morning that it's to buy Lloyds' Scottish Widows Investment Partnership, saw profit before tax of £482.7m in the year to 30 September, up from £347.8m in 2012 - a 39 per cent increase. Assets under management were up seven per cent to £200.4bn in the year. (Release)
Chief executive Martin Gilbert stressed the strong results the company's seen, despite the "uncertainties in global financial markets and emerging markets in particular". He added that, whilst some economies are seeing recovery, the UK included, "the investment environment is likely to remain difficult as structural imbalances remain unresolved. Against this backdrop our fund management teams will continue to focus on fundamental research to identify opportunities for our clients."
The group saw gross new business of £43.9bn added during the year, sourced from investors in Europe, the Middle East and Africa (excluding the UK). The Americas accounted for 23 per cent, the UK for 19 per cent and Asia Pacific for 18 per cent.
Net inflows for the year stood at £1.7bn, with new cash increasing by 60 per cent to £426.6m. The appetite for Asian and global equities, said Aberdeen, "has also remained strong" with investor demand "expanding to other regional capabilities such as Japan equities".