Aberdeen Asset Management has posted a 44% jump in profits over the year to September 30, although the amount of money run by the company has fallen on the back of recent market volatility.
In its full-year financial results, the fund manager says underlying profit before tax came in at £301.9m for the 12 months, rising from the £210m reported in the year before. Underlying earnings per share advanced 41% to 18.7p, up from 2010’s 13.3p.
However, Aberdeen’s assets under management (AUM) dropped from £178.7 billion last year to £169.9 billion by the end of September 30 2011. The financial results explain that AUM “had grown steadily for most of the year, although the events of the last few months have brought about a 5% reduction”.
The company’s revenue was up 23% to £784m, which it attributes to inflows in higher margin new business, especially into pooled funds, and maintaining the fee rates on its principal products. Performance fees amounted to £36.3m for the year, contributing about 5% of total revenue.
Martin Gilbert, the chief executive of Aberdeen, says: “This is an excellent set of figures, particularly at a time when volatility and uncertainty continue to depress financial markets around the world.”
To receive more relevant articles like this one, why not sign up to our briefings and breaking alerts by clicking here.