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Strong em inflows bolster aberdeens results

29 Apr 13

Aberdeen has increased its interim dividend by 36% to 6p per share following a 34% increase in profits over the past 12 months.

Aberdeen has increased its interim dividend by 36% to 6p per share following a 34% increase in profits over the past 12 months.

Profits after tax reached £188.2m in the six months to March, an increase of £63.9m from the same period last year.

Its six-month revenue totalled £516m, compared to £413.1m last year. The graph compares the breakdown of key financials in 2012 and 2013.

Inflows into equities were strongest, with AUM in the asset class increasing 18% between September 2012 and March 2013.

Global emerging markets (GEM), Asia Pacific and global equities attracted the lion’s share of inflows, while emerging market debt funds attracted net inflows of £1.4bn over the past six months.

Roger Cornick, chairman of Aberdeen, said: “We have for some time been seeking to moderate the rate of inflows to our GEM funds so the quality of the fund is not compromised. We implemented a further step from early March by closing or US-domiciled GEM funds to new investors and introduced an initial charge, for the benefit of existing investors, on any new investment into our UK and Luxembourg funds.”

The table shows the change in AUM in each strategy between September 2012 and March 2013.

In February the firm announced two acquisitions as part of its expansion into North America, which it anticipates will boost its AUM in the second half of the year. It bought a 50.1% share in private equity firm SVGA, which has around $4bn in AUM in the form of funds of funds, while it agreed to buy out Artio Global Investors for £175m.

Cornick concluded that performance had generally replicated conditions experienced in 2012, with positive performance for much of the first half of the year followed by volatility during early April, and as such he took a measured outlook for the coming six months.
 

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