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Aberdeen Asset Mngmt (ADN)

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Monday 23 July, 2012

Aberdeen Asset Mngmt

Interim Management Statement

RNS Number : 2093I
Aberdeen Asset Management PLC
23 July 2012
 



                                                               

ABERDEEN ASSET MANAGEMENT PLC

INTERIM MANAGEMENT STATEMENT - NINE MONTHS TO 30 JUNE 2012

 

Highlights

·     Assets under management resilient at £182.7 billion

·     £8.8 billion of new business won in the quarter; £27.0 billion for the nine months to 30 June 2012

·     Positive net new business flows of £300 million for the quarter despite the poor economic backdrop  

·     Net flows for the quarter add approximately £15 million in annualised fee income

 

Martin Gilbert, Chief Executive of Aberdeen, commented:

 

"This has been another successful quarter for Aberdeen, despite the global economic uncertainties and subdued conditions in the world's financial markets. We continue to concentrate on delivering superior investment performance and service for our clients, which enables us to grow organically whilst maintaining a strong balance sheet"

 

 

 

 

Assets under management ("AuM") at 30 June 2012 totalled £182.7 billion, a 1% decrease on 31 March 2012, as summarised in the following table.

 

 


 

Equities

£bn

Fixed income

£bn

Aberdeen

solutions

£bn

 

Property

£bn

Money market

£bn

 

Total

£bn

AuM at 31 March 2012

92.9

39.1

24.8

19.5

8.4

184.7

Net new business flows for the quarter

2.5

(1.6)

(0.6)

0.1

(0.1)

0.3

Market appreciation, performance & FX

(1.9)

0.6

(0.4)

(0.6)

-

(2.3)

AuM at 30 June 2012

93.5

38.1

23.8

19.0

8.3

182.7

 

 

We added gross new business totalling £8.8 billion in the quarter, compared to £10.9 billion for the same quarter last year, bringing the total for the nine month period to 30 June 2012 to £27.0 billion (2011: £33.9 billion). Gross inflows for the quarter are approximately £1.6 billion lower than for the previous quarter, as we have seen a welcome slowing of flows into our global emerging market equity ("GEM") funds.

 

Net new business inflows for the quarter totalled £0.3 billion (2011: £0.7 billion), with healthy net inflows to our higher margin equity products being offset by net outflows from our lower margin capabilities. Overall, the impact of the quarter's net flows will add approximately £15 million of annualised fee income.

 

Net equity inflows were fairly evenly distributed across the three key capabilities, Asia Pacific, GEM and global equities.  Within fixed income, our emerging market debt funds continue to attract steady net inflows and our property team continued its recent fundraising momentum by achieving €105 million of equity commitments to a Swedish residential property fund. An analysis of the new business figures for the nine months to 30 June 2012 is provided at the end of this statement.

 

We continue to focus our distribution effort on markets with the largest asset pools, particularly USA and Europe, and we believe that the current investor focus on income and yield generation, global products and a greater use of alternatives is likely to continue.  As part of our investment in additional resource in the US, we will open an office in New York later this year.

 

Performance remains robust and our investment philosophy and disciplined process have served investors well in the volatile market conditions we continue to experience. We are pleased to note that the quality of our teams was recognised by a number of recent awards.

 

We are likely to see further volatility in global markets but remain confident that we can continue the organic growth of the Group's revenue and profit.

 

 

For further information please contact:

 

Aberdeen Asset Management PLC              + 44 (0) 20 7463 6000

Martin Gilbert

Bill Rattray

 

Maitland                                                          + 44 (0) 20 7379 5151

Neil Bennett

 

Management will host a conference call for analysts and institutions at 08:00 BST today.

UK Freefone:                0800 783 0906

UK Direct:                    01296 480 100

International Direct:       +44 1296 480 100

Passcode:                     511 075

 

 

 



ASSETS UNDER MANAGEMENT AT 30 JUNE 2012

 


31 Mar 12

£bn

30 Jun 12

£bn

  Equities

92.9

93.5

  Fixed income

39.1

38.1

  Aberdeen solutions

24.8

23.8

  Property

19.5

19.0

  Money market

8.4

8.3


184.7

182.7

Segregated mandates

103.9

102.5

Pooled funds

80.8

80.2


184.7

182.7

 

 

 

OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2012 - BY MANDATE TYPE

 

 

 
Qtr to
31 Dec 11
£m
Qtr to
31 Mar 12
£m
6 mths to
31 Mar 12
£m
Qtr to
30 Jun 12
£m
9 mths to 30 Jun 12
£m
Gross inflows:
 
 
 
 
 
 Segregated mandates
3,337
2,893
6,230
3,133
9,363
 Pooled funds
4,502
7,486
11,988
5,660
17,648
 
7,839
10,379
18,218
8,793
27,011
Outflows:
 
 
 
 
 
 Segregated mandates
6,305
3,432
9,737
4,014
13,751
 Pooled funds
4,344
4,516
8,860
4,474
13,334
 
10,649
7,948
18,597
8,488
27,085
Net flows:
 
 
 
 
 
 Segregated mandates
(2,968)
(539)
(3,507)
(881)
(4,388)
 Pooled funds
158
2,970
3,128
1,186
4,314
 
(2,810)
2,431
(379)
305
(74)

 

 



OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2012 - BY ASSET CLASS

 

 
Qtr to
31 Dec 11
£m
Qtr to
31 Mar 12
£m
6 mths to 31 Mar 12
£m
Qtr to
30 Jun 12
£m
9 mths to
30 Jun 12
£m
Gross inflows:
 
 
 
 
 
 Equities
4,250
7,093
11,343
5,378
16,721
 Fixed income
1,612
1,743
3,355
1,463
4,818
 Aberdeen solutions
661
493
1,154
578
1,732
 Property
223
139
362
182
544
 Money market
1,093
911
2,004
1,192
3,196
 
7,839
10,379
18,218
8,793
27,011
Outflows:
 
 
 
 
 
 Equities
3,318
3,127
6,445
2,870
9,315
 Fixed income
3,677
2,008
5,685
3,073
8,758
 Aberdeen solutions
1,908
1,061
2,969
1,128
4,097
 Property
185
445
630
118
748
 Money market
1,561
1,307
2,868
1,299
4,167
 
10,649
7,948
18,597
8,488
27,085
Net flows:
 
 
 
 
 
 Equities
932
3,966
4,898
2,508
7,406
 Fixed income
(2,065)
(265)
(2,330)
(1,610)
(3,940)
 Aberdeen solutions
(1,247)
(568)
(1,815)
(550)
(2,365)
 Property
38
(306)
(268)
64
(204)
 Money market
(468)
(396)
(864)
(107)
(971)
 
(2,810)
2,431
(379)
305
(74)
 

 



NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2012 - EQUITIES

 

 

 
Qtr to
31 Dec 11
£m
Qtr to
31 Mar 12
£m
6 mths to 31 Mar 12
£m
Qtr to
30 Jun 12
£m
9 mths to 30 Jun 12
£m
Gross inflows:
 
 
 
 
 
 Asia Pacific
814
1,755
2,569
1,654
4,223
 Global emerging markets
2,309
3,820
6,129
2,217
8,346
 Europe
37
16
53
6
59
 Global & EAFE
989
1,420
2,409
1,200
3,609
 UK
18
37
55
43
98
 US
83
45
128
258
386
 
4,250
7,093
11,343
5,378
16,721
Outflows:
 
 
 
 
 
 Asia Pacific
990
925
1,915
804
2,719
 Global emerging markets
1,182
1,328
2,510
1,423
3,933
 Europe
51
49
100
42
142
 Global & EAFE
682
615
1,297
429
1,726
 UK
90
57
147
84
231
 US
323
153
476
88
564
 
3,318
3,127
6,445
2,870
9,315
Net flows:
 
 
 
 
 
 Asia Pacific
(176)
830
654
850
1,504
 Global emerging markets
1,127
2,492
3,619
794
4,413
 Europe
(14)
(33)
(47)
(36)
(83)
 Global & EAFE
307
805
1,112
771
1,883
 UK
(72)
(20)
(92)
(41)
(133)
 US
(240)
(108)
(348)
170
(178)
 
932
3,966
4,898
2,508
7,406
 

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2012 - FIXED INCOME

 

 
Qtr to
31 Dec 11
£m
Qtr to
31 Mar 12
£m
6 mths to
31 Mar 12
£m
Qtr to
30 Jun 12
£m
9 mths to 30 Jun 12
£m
Gross inflows:
 
 
 
 
 
 Asia Pacific
235
145
380
105
485
 Australia
765
572
1,337
487
1,824
 Convertibles
16
38
54
23
77
 Currency overlay
14
74
88
4
92
 Emerging markets
354
430
784
535
1,319
 Europe
42
80
122
33
155
 Global
42
28
70
21
91
 High yield
70
148
218
60
278
 UK
24
39
63
101
164
 US
50
189
239
94
333
 
1,612
1,743
3,355
1,463
4,818
Outflows:
 
 
 
 
 
 Asia Pacific
71
88
159
601
760
 Australia
678
917
1,595
624
2,219
 Convertibles
32
34
66
34
100
 Currency overlay
121
23
144
31
175
 Emerging markets
297
154
451
339
790
 Europe
81
104
185
229
414
 Global
1,555
34
1,589
86
1,675
 High yield
50
44
94
75
169
 UK
691
370
1,061
731
1,792
 US
101
240
341
323
664
 
3,677
2,008
5,685
3,073
8,758
Net flows:
 
 
 
 
 
 Asia Pacific
164
57
221
(496)
(275)
 Australia
87
(345)
(258)
(137)
(395)
 Convertibles
(16)
4
(12)
(11)
(23)
 Currency overlay
(107)
51
(56)
(27)
(83)
 Emerging markets
57
276
333
196
529
 Europe
(39)
(24)
(63)
(196)
(259)
 Global
(1,513)
(6)
(1,519)
(65)
(1,584)
 High yield
20
104
124
(15)
109
 UK
(667)
(331)
(998)
(630)
(1,628)
 US
(51)
(51)
(102)
(229)
(331)
 
(2,065)
(265)
(2,330)
(1,610)
(3,940)
 

 

 

 

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2012 - ABERDEEN SOLUTIONS

 

 

 
Qtr to
31 Dec 11
£m
Qtr to
31 Mar 12
£m
6 mths to
31 Mar 12
£m
Qtr to
30 Jun 12
£m
9 mths to 30 Jun 12
£m
Gross inflows:
 
 
 
 
 
 Indexed equities
4
-
4
4
8
 Multi asset
215
244
459
140
599
 Long only multi manager
418
211
629
408
1,037
 Funds of hedge funds
24
38
62
26
88
 Funds of private equity
-
-
-
-
-
 
661
493
1,154
578
1,732
Outflows:
 
 
 
 
 
 Indexed equities
212
98
310
386
696
 Multi asset
189
309
498
265
763
 Long only multi manager
1,251
415
1,666
323
1,989
 Funds of hedge funds
256
238
494
154
648
 Funds of private equity
-
1
1
-
1
 
1,908
1,061
2,969
1.128
4,097
Net flows:
 
 
 
 
 
 Indexed equities
(208)
(98)
(306)
(382)
(688)
 Multi asset
26
(65)
(39)
(125)
(164)
 Long only multi manager
(833)
(204)
(1,037)
85
(952)
 Funds of hedge funds
(232)
(200)
(432)
(128)
(560)
 Funds of private equity
-
(1)
(1)
-
(1)
 
(1,247)
(568)
(1,815)
(550)
(2,365)

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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