Market movements and currency appreciation in the six months ending 31 March drove a 9% rise in assets under management at Aberdeen Asset Management, even though the company suffered net outflows from its products during this time.
The company had net outflows across its fixed income, money market, property and multi-asset fund categories. The exception was an inflow of £4.9 billion (€6 billion) into Aberdeen's equity funds, which now account for half its £185 billion in assets under management, as of 31 March.
Overall, the company had net outflows of £400 million, which were far outweighed by market movements and currency appreciation worth £14.3 billion.
Aberdeen said its equity inflows were mainly into global equity, emerging market and Asia-Pacific funds. However, the firm said it had moderated inflows into mainstream global emerging market funds because of capacity constraints, adding that “we are not prepared to compromise the quality of the portfolios by diversifying into stocks of lesser quality”.
Aberdeen's revenues in the six months to 31 March were £413 million, an increase of £27 million compared with the corresponding period last year. Its pre-tax profit, after amortisation and impairment of intangibles, was £124 million, an increase of £15 million.
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