Aberdeen sees 15% rise in pre-tax profits

Aberdeen Asset Management has reported a 15 per cent rise in pre-tax profits for the first year to 30 September, as assets under management reached £187.2bn.

The asset manager saw underlying pre-tax profits rise from £301.9m to £347.8m, year-on-year, with assets under management increasing by 10 per cent over the same period from £169.9bn to £187.2bn.

Aberdeen chief executive Martin Gilbert says: “This has been a difficult and uncertain year in the financial markets. Against this backdrop we are pleased to have delivered extremely strong performance for our shareholders by focusing on investment performance and by delivering for our clients.

“We have been rewarded by continuing strong interest in our funds and significant growth in assets under management. We have strengthened our balance sheet further and remain confident that our long-term philosophy and rigorous investment processes will continue to drive investment performance and shareholder value.”

However, inflows were cancelled out by outflows despite gross inflows of £36bn. Two-thirds of inflows were seen into pooled funds, while more than half of outflows were from segregated mandates.