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Aberdeen Asset Mngmt (ADN)

  Print      Mail a friend       Annual reports

Thursday 19 January, 2012

Aberdeen Asset Mngmt

Interim Management Statement

RNS Number : 8233V
Aberdeen Asset Management PLC
19 January 2012
 



                                                                                                                 

ABERDEEN ASSET MANAGEMENT PLC

INTERIM MANAGEMENT STATEMENT - 3 MONTHS TO 31 DECEMBER 2011

 

Highlights

·     Assets under management  £173.9 billion (30 September 2011: £169.9 billion)

·     £7.8 billion of new business won in the quarter (quarter to 30 September 2011: £9.1 billion)

·     Net new business for the quarter: -£2.8 billion (quarter to 30 September 2011: -£1.7 billion)

 

Martin Gilbert, Chief Executive of Aberdeen, commented: "These figures continue the momentum from Aberdeen's strong full year results. New business flows remain focused on our higher margin pooled funds with outflows largely limited to lower margin strategies. Revenues continue to improve steadily while costs remain under control.

 

"Our investment performance is robust in the face of ongoing macroeconomic instability. I am confident that Aberdeen's disciplined investment processes and our unerring focus on fundamentals rather than market noise will continue to deliver for our clients over the long term."

 

 

Assets under management

Assets under management ("AuM") of £173.9 billion at 31 December 2011 were 2.4% higher than at 30 September 2011. The principal changes in AuM during the quarter are shown in the following table.

 


 

Equities

£bn

Fixed income

£bn

Aberdeen solutions

£bn

 

Property

£bn

Money market

£bn

 

Total

£bn

AuM at 30 September 2011

75.1

40.0

24.8

20.5

9.5

169.9

Net new business flows for the quarter

0.9

(2.1)

(1.1)

-

(0.5)

(2.8)

Purchase of contracts

0.9

-

-

-

-

0.9

Market appreciation, performance & FX

4.2

1.5

1.0

(0.7)

(0.1)

5.9

AuM at 31 December 2011

81.1

39.4

24.7

19.8

8.9

173.9

 

New business flows

Gross new business wins for the quarter totalled £7.8 billion, compared to £9.1 billion for the previous quarter, to 30 September 2011. Outflows totalled £10.6 billion (quarter to 30 September 2011: £10.8 billion), resulting in net outflows for the quarter of £2.8 billion (30 September 2011: net outflows of £1.7 billion).

 

The trend we experienced in 2011 has continued, whereby inflows have been attracted into higher margin asset classes whilst outflows have been mainly from lower margin products. The effect on revenue is therefore positive, with the net flows for the quarter adding approximately £10 million of annualised fee income.

 

Flows into our equity products have remained robust, with investor appetite for emerging market and global equity products continuing, while the major outflows have been principally from our lower margin asset classes such as fixed income and Aberdeen solutions ("AS", formerly known as Alternative Investment Strategies). The fixed income flows have been adversely affected by the loss during the quarter of one large, lower margin global mandate. However, we continue to see encouraging investor appetite for our higher margin Asian and emerging market debt capabilities.

 

Our property team continues to see considerable interest from investors and the marketing of our third Asian fund is progressing well. Our AS business is working with clients to ensure our products remain appropriate for clients' evolving asset allocation requirements. A major element of the net outflows in the quarter arose from the withdrawal of assets from a very low margin passive multi manager fund.

 

An analysis of the new business figures for the quarter to 31 December 2011 is provided at the end of this statement.

 

We have supplemented the revenue effects of these flows with the purchase, in mid-December, of the management contracts for two US closed end funds which invest in Asian equities. These contracts bring annual revenues of approximately £5 million and add further scale to our US and Canadian closed end business which now accounts for £3.7 billion of our total listed closed end fund AuM of £8.0 billion.

 

Investment performance

Our equity teams have continued to deliver consistent outperformance against their respective benchmarks, thus maintaining our excellent track record over both short-term and long-term periods.

In fixed income, all of our major strategies are now ahead of their three-year benchmarks; over a one-year period, performance in the traditional strategies is more mixed but performance is robust in our leading local currency Asian and emerging market debt products. Broadly, our property mandates are meeting clients' objectives. Within solutions our multi-asset products have performed well over all key time periods, while our core fund of hedge funds vehicles also continue to perform well.

 

Outlook

The first quarter of our new financial year has seen continued market volatility and we believe it is prudent to anticipate uncertainty to remain a key feature in the months ahead. However, we believe that our strength across a diversified range of specialist investment strategies, allied to our global asset gathering capability, leaves us well positioned to continue the organic growth of our revenue streams.

 

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

Rowan Brown

 

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

 

UK Freefone:                0800 783 0906

UK Direct:                    01296 480 100

International Direct:       +44 1296 480 100

 

Passcode:                     873 379

ASSETS UNDER MANAGEMENT AT 31 DECEMBER 2011

 


31 Dec 11

£bn

30 Sep 11

£bn

  Equities

81.1

75.1

  Fixed income

39.4

40.0

  Aberdeen solutions

24.7

24.8

  Property

19.8

20.5

  Money market

8.9

9.5


173.9

169.9

Segregated mandates

102.7

102.4

Pooled funds

71.2

67.5


173.9

169.9

 

 

 

OVERALL NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2011 - BY MANDATE TYPE

 


Qtr to

31 Dec 11

£m

Qtr to

30 Sep 11

£m

Gross inflows:



  Segregated mandates

3,337

3,417

  Pooled funds

4,502

5,711


7,839

9,128

Outflows:



  Segregated mandates

6,305

5,463

  Pooled funds

4,344

5,351


10,649

10,814

Net flows:



  Segregated mandates

(2,968)

(2,046)

  Pooled funds

158

360


(2,810)

(1,686)

 



OVERALL NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2011 - BY ASSET CLASS

 


Qtr to

31 Dec 11

£m

Qtr to

30 Sep 11

£m

Gross inflows:



  Equities

4,250

4,783

  Fixed income

1,612

2,084

  Aberdeen solutions

661

881

  Property

223

204

  Money market

1,093

1,176


7,839

9,128

Outflows:



  Equities

3,318

3,918

  Fixed income

3,677

3,238

  Aberdeen solutions

1,908

1,909

  Property

185

38

  Money market

1,561

1,711


10,649

10,814

Net flows:



  Equities

932

865

  Fixed income

(2,065)

(1,154)

  Aberdeen solutions

(1,247)

(1,028)

  Property

38

166

  Money market

(468)

(535)


(2,810)

(1,686)

 

 



NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2011 - EQUITIES

 


Qtr to

31 Dec 11

£m

Qtr to

30 Sep 11

£m

Gross inflows:



  Asia Pacific

814

1,302

  Global emerging markets

2,309

2,226

  Europe

37

5

  Global & EAFE

989

1,108

  UK

18

20

  US

83

122


4,250

4,783

Outflows:



  Asia Pacific

990

1,527

  Global emerging markets

1,182

1,447

  Europe

51

25

  Global & EAFE

682

451

  UK

90

47

  US

323

421


3,318

3,918

Net flows:



  Asia Pacific

(176)

(225)

  Global emerging markets

1,127

779

  Europe

(14)

(20)

  Global & EAFE

307

657

  UK

(72)

(27)

  US

(240)

(299)


932

865

 

 



NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2011 - FIXED INCOME

 


Qtr to

31 Dec 11

£m

Qtr to

30 Sep 11

£m

Gross inflows:



  Asia Pacific

235

376

  Australia

765

590

  Convertibles

16

10

  Currency overlay

14

26

  Emerging markets

354

646

  Europe

42

78

  Global

42

90

  High yield

70

76

  UK

24

139

  US

50

53


1,612

2,084

Outflows:



  Asia Pacific

71

119

  Australia

678

765

  Convertibles

32

160

  Currency overlay

121

48

  Emerging markets

297

205

  Europe

81

406

  Global

1,555

495

  High yield

50

107

  UK

691

545

  US

101

388


3,677

3,238

Net flows:



  Asia Pacific

164

257

  Australia

87

(175)

  Convertibles

(16)

(150)

  Currency overlay

(107)

(22)

  Emerging markets

57

441

  Europe

(39)

(328)

  Global

(1,513)

(405)

  High yield

20

(31)

  UK

(667)

(406)

  US

(51)

(335)


(2,065)

(1,154)

 

NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2011 - ABERDEEN SOLUTIONS

 


Qtr to

31 Dec 11

£m

Qtr to

30 Sep 11

£m

Gross inflows:



  Indexed equities

4

1

  Multi asset

215

381

  Long only multi manager

418

483

  Funds of hedge funds

24

-

  Funds of private equity

-

16


661

881

Outflows:



  Indexed equities

212

87

  Multi asset

189

443

  Long only multi manager

1,251

1,339

  Funds of hedge funds

256

13

  Funds of private equity

-

27


1,908

1,909

Net flows:



  Indexed equities

(208)

(86)

  Multi asset

26

(62)

  Long only multi manager

(833)

(856)

  Funds of hedge funds

(232)

(13)

  Funds of private equity

-

(11)


(1,247)

(1,028)

 


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