Aberdeen says client cash is still flowing in but pace slowing
Tuesday 24 July 2012
The UK fund manager Aberdeen Asset Management is still drawing in client cash although continued turmoil in Europe is slowing the pace sharply.
The company attracted £300m in the three months to the end of June, a slowdown on the £700m a year earlier. But the money is at least flowing into higher-margin products, which should mean £15m in fee income.
After a strong beginning to the year, most fund managers have seen tougher times lately as renewed worries over the eurozone debt crisis and flagging economic growth lower investors' appetite for risk. Aberdeen had £182.7bn under management over the quarter, a 1 per cent fall on the end of March.
The chief executive Martin Gilbert, pictured, says that any positive inflow is "pretty good" in the current difficult circumstances, when others are losing cash.
Mr Gilbert – who says "we are trying to be boring" – adds: "We are trying to get our fund managers to focus on the companies themselves rather than the macro backdrop. By and large companies are still doing well."
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