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."
- 1 Cyclist in Russia narrowly misses being hit by car and lorry
- 2 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 3 What are your fingerprint words?
- 4 Gary Lineker involved in Twitter row after presenter rubbishes claims he will be warned by BBC over foul-mouthed tweets
- 5 Pink Floyd new album: Band unveil cover art for first record in 20 years
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Labour Party conference: Ed Balls to set out plan to freeze child benefit to balance books
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...