LONDON -- Aberdeen Asset Management
Gross new business came to 6.1 billion pounds, although there were net outflows of 0.1 billion pounds. Aberdeen said the trend of new business flows continued toward its higher margin products, i.e., into equities and out of fixed income, and its overall performance across asset classes remains robust. Aberdeen said:
The main contributors of inflows have again been our Asia Pacific, global emerging markets and global equities products, with encouraging inflows also seen into our emerging market debt capability. We estimate that the net flows for the two month period to 31 August will add approximately [10 million pounds] of annualised recurring fee income.
For the last 11 months, Aberdeen has now seen a net outflow of 0.2 billion pounds, which is an improvement on the outflow of 0.8 billion pounds recorded in the same period last year.
Aberdeen shares were little changed at 308 pence following the release of this update. The firm's full-year results are scheduled for 26 November.
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Stuart does not own any of the shares listed above.