Tapering hits Aberdeen as outflows jump in Q1
Tuesday 01 April 2014
The US Federal Reserve decision to taper its bond- buying programme in December has continued to weigh on Aberdeen Asset Management during the first quarter of the year, new figures show.
Aberdeen said it had suffered net outflows of £3.9 billion from its funds in January and February, with a further £200 million believed to have been pulled out by clients last month.
The withdrawals have been part of the wider emerging market sell-off since the US announced its tapering of financial stimulus measures, which some fear will destabilise economies like Asia.
Despite the outflows, shares in the group rose more than 5 per cent to 412p as it completed the takeover of Scottish Widows Investment Partnership from Lloyds Banking Group.
The deal will boost Aberdeen’s assets under management to £324.5 billion, making it Europe’s largest listed standalone fund manager.
Martin Gilbert, chief executive, said: “Encouraging inflows to emerging market debt, high-yield bonds and property have partly offset net outflows from our Asian and emerging market equity products.”
Analysts at RBC Capital Markets welcomed the acquisition, saying: “The transaction, in our opinion, continues to give Aberdeen the diversification it needs: exposure to UK and European equities ... greater scale in property, access to retail investors and a substantially reduced reliance on emerging markets and Asia-Pacific equities.”
- 1 Sainsbury's '50p challenge' poster telling staff to encourage customers to spend more placed in shop window instead of staff room
- 2 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 3 Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
- 4 Yes, the iPhone 6 is a miracle, but it's Apple's tax affairs that deserve a double take
- 5 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis could become 'world’s first truly terrorist state' and bomb UK with nuclear and chemical weapons, Theresa May warns
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...