Aberdeen outflows slow to £1.7bn

Aberdeen Asset Management has seen outflows slow to £1.7bn between the end of June and 31 August.

The level of redemptions for the period mark a significant reduction from the £8.8bn worth of outflows recorded over the first three months of 2014 at Aberdeen.

Investors continued to pull money from the Swip business, acquired by Aberdeen earlier this year, although net outflows also slowed £0.7bn at the end of August compared to £3.3bn for the previous quarter.

Aberdeen said in a statement issued to the London Stock Exchange today that structural outflows could be set to continue on “low margin” business at Swip due to the profile of some clients but also points out that other areas, such as the Swip Property trust, have posted “steady” inflows.

Elsewhere the firm’s Asian Pacific equity funds also posted a net inflow of £183m in the two months ending 31 Auguts.

Overall assets under management at Aberdee rose by 3 per cent to reach £331.2bn over the period.

Aberdeen chief executive Martin Gilbert says: “Our equity capabilities are recovering, both in terms of performance and flows following a tough 2013.

“With the SWIP integration on track we remain confident that the increased scale and breadth of the Group’s business provides a solid foundation to weather what are likely to remain volatile markets.”