Aberdeen sees dip in assets under management
BRITISH asset manager Aberdeen has seen a dip in assets under management, it said in a trading update.
The fund firm said assets under management stood at £164.7bn in its third quarter, compared with £170.9bn, after it bought Royal Bank of Scotland’s non-core fund assets in January.
Over the quarter, the firm attracted net inflows of £300m, compared with £100m posted in the pervious quarter.
However, poor market conditions hit the total assets under management.
Fund managers have had a hard time gaining new assets in the last few months, as a result of market volatility.
Aberdeen said it had won a further £2.1bn of new mandates, though these had not yet been funded.
The firm said it has posted “robust long-term equity performance” in global equities, global emerging markets, Asia Pacific and US equities and had also its first Us equity mandate from a European institution, which it did not name.
The firm said it expects more volatility in the near term, and said it would remain focussed on organic growth, building on existing relationships to distribute its products.