Sharp Asset Inflows at Aberdeen Asset Management

Stephen Harris

2 May 2007

First-half profit at UK investment manager Aberdeen Asset Management was up 18.5 per cent to £43.6 million from £36.8 million in the same period a year earlier. The rise was driven mainly by net fund inflows of £7.6 billion up sharply from £3.6 billion a year earlier, and a new record for any six-month period. Total assets under management were £80.4 billion as at 31 March, 9.8 per cent increase compared with the end of December. Aberdeen chief executive Martin Gilbert said the group may make further “in-fill” acquisitions, but large-scale takeovers are off the agenda for now. Aberdeen, which doubled its funds under management with the acquisition of the UK operations of Deutsche Asset Management for £265 million in 2005, bought Australian fixed-income businesses for £61 million this year, and expects to complete on the purchase in July. The group, which last year opened new offices in Frankfurt and Tokyo, plans to move into Latin America next year.