Aberdeen interim profits tumble

Arrow downAberdeen Asset Management’s profits have halved in a year, as investors continue to retreat from emerging markets, the firm’s results for the six months to March 31 2016 reveal. In total, investors have withdrawn £38.2 billion (€48 billion) from the firm’s funds since October last year, causing pre-tax profits to drop to £98.8 million from £185.4 million a year prior. Martin Gilbert, chief executive of Aberdeen Asset Management, said the results reflected the challenging conditions which have prevailed in emerging market over the past three years. Chairman Roger Cornick added that the firm remained vulnerable to further outflows over the next few quarters, as oil and commodity prices appear set to stagnate at best, and fall further at worst. Aberdeen has endured a troubled year to date. In March, the firm was demoted from the FTSE 100 index. In January, a report issued by UK wealth manager Tilney Bestinvest identifying consistently underperforming UK funds featured 11 Aberdeen funds – the most of any asset management group. Aberdeen currently manages assets of £292.8 billion, down from £330.6 billion a year ago – although the current total is still an improvement on the £283.7 billion recorded at year-end 2015. ©2016 funds europe

Executive Interviews

INTERVIEW: Put your money where your mouth is

Jun 10, 2016

At Kempen Capital Management, they believe portfolio managers should invest in their own funds. David Stevenson talks to Lars Dijkstra, CIO of the €42 billion manager.

EXECUTIVE INTERVIEW: ‘Volatility is the name of the game’

May 13, 2016

Axa Investment Managers chief executive officer, Andrea Rossi, talks to David Stevenson about bringing all his firm’s subsidiaries under one name and the opportunities that a difficult market...


ROUNDTABLE: Beyond the hype

Oct 13, 2016

The use of smart beta investing continues to grow. Our panel, made up of both providers and users, discusses what the strategy actually means, how it should be used and the kind of pitfalls that may arise when using this innovative investment technique.

MIFID II ROUNDTABLE: Following the direction of travel

Sep 07, 2016

Fund management firms Aberdeen and HSBC Global meet with specialist providers to speak about how the industry is evolving towards MiFID II.