Aberdeen posts rise in assets under management

FTSE 250 fund manager Aberdeen Asset Management reported a rise in third-quarter assets under management on Monday.

For the nine months ended 30 June, assets under management came in at £301.4bn compared to £292.8bn at 31 March.

The company said it experienced net outflows of £8.9bn during the quarter, but this was offset by £17.5bn of asset appreciation.

Aberdeen said the last week of June saw considerable market volatility as investors reacted to the UK’s decision to leave the European Union, with initial weakness in the days after the vote followed by a strong recovery which has continued into July.

It added that the weakening of the pound against most major currencies, along with resilient markets and good investment performance, has contributed to the increased value of its AuM.

Chief executive Martin Gilbert said: "We continue to benefit from the diversified asset and client base of the business. Currency, exposure to a broad mix of assets and good investment performance outweighed the net outflows the business experienced this quarter.

"There are many uncertainties out there, including the shape of the UK's future relationship with the EU, which might undermine market confidence. We remain well placed to take advantage, on behalf of our clients, of any weakness and will continue to focus on fundamentals rather than be distracted by market noise."