REG - Aberdeen Asset Mngmt - Pre-Close Trading Update

Mon Sep 24, 2012 2:00am EDT

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RNS Number : 9074M
Aberdeen Asset Management PLC
24 September 2012
 



 

 

ABERDEEN ASSET MANAGEMENT PLC

PRE-CLOSE TRADING UPDATE

 

Highlights

·     AuM at 31 August 2012:  £184.3 billion (30 June 2012: £182.7 billion)

·     Gross new business of £6.1 billion in the two month period under review,  net outflows of £0.1 billion

·     Trend of new business flows into higher margin products continues

·     Overall performance across asset classes remains robust

 

In advance of entering a close period ahead of the announcement of annual results for the 12 months to 30 September 2012, Aberdeen provides the following trading update.

Assets under management ("AuM") at 31 August 2012 totalled £184.3 billion, a 1% increase on the total at 30 June 2012, as reported in our last Interim Management Statement. The principal movements are summarised in the following table.

 


 

Equities

£bn

Fixed income

£bn

Aberdeen solutions

£bn

 

Property

£bn

Money market

£bn

 

Total

£bn

AuM at 30 June 2012

93.5

38.1

23.8

19.0

8.3

182.7

Net new business flows for the period

2.0

(1.3)

(0.7)

-

(0.1)

(0.1)

Market appreciation, performance & FX

1.6

-

0.5

(0.3)

(0.1)

1.7

AuM at 31 August 2012

97.1

36.8

23.6

18.7

8.1

184.3

 

 

Gross new business flows for the two months to 31 August 2012 totalled £6.1 billion, bringing the total for the 11 months year to date to £33.1 billion (11 months to 31 August 2011: £39.9 billion). Net new business showed outflows of £0.1 billion for the two months to 31 August 2012, resulting in net outflows of £0.2 billion for the 11 month period (11 months to 31 August 2011: net outflow £0.8 billion).

 

Inflows continue to be biased towards higher margin pooled products with outflows mainly from lower margin segregated mandates.   The main contributors of inflows have again been our Asia Pacific, global emerging markets and global equities products, with encouraging inflows also seen into our emerging market debt capability. We estimate that the net flows for the two month period to 31 August will add approximately £10 million of annualised recurring fee income. 

 

Investment performance has been good as our investment philosophy and disciplined process have continued to deliver through variable market conditions. While markets have been more settled recently, we retain a degree of caution in our outlook but we believe we are well placed to continue our progress.

 

The announcement of the company's annual results for the year to 30 September 2012 will be made on 26 November 2012.

 

Martin Gilbert, Chief Executive of Aberdeen, commented:

"With uncertainty surrounding the global macro-economic situation our disciplined and fundamental approach to investing continues to attract flows from a wide range of clients from around the world. Our strong performance across a variety of capabilities and products means we remain well positioned to meet the needs of investors in a constantly changing environment."

 

 

For further information please contact:

 

Aberdeen Asset Management PLC                          + 44 (0) 20 7463 6000

Martin Gilbert

Bill Rattray

 

Maitland                                                                      + 44 (0) 20 7379 5151

Neil Bennett

Rowan Brown

 


 

ASSETS UNDER MANAGEMENT AT 31 AUGUST 2012

 

 


31 Mar 12

£bn

30 Jun 12

£bn

31 Aug 12

£bn

Equities

92.9

93.5

97.1

Fixed income

39.1

38.1

36.8

Aberdeen solutions

24.8

23.8

23.6

Property

19.5

19.0

18.7

Money market

8.4

8.3

8.1


184.7

182.7

184.3

Segregated mandates

103.9

102.5

102.4

Pooled funds

80.8

80.2

81.9


184.7

182.7

184.3

 

 

 

OVERALL NEW BUSINESS FLOWS FOR 11 MONTHS TO 31 AUGUST 2012 - BY MANDATE TYPE

 

 


6 mths to 31 Mar 12

£m

3 mths to 30 Jun 12

£m

9 mths to 30 Jun 12

£m

2 mths to 31 Aug 12

£m

11 mths to 31 Aug 12

£m

Gross inflows:






  Segregated mandates

6,230

3,133

9,363

2,044

11,407

  Pooled funds

11,988

5,660

17,648

4,029

21,677


18,218

8,793

27,011

6,073

33,084

Outflows:






  Segregated mandates

9,737

4,014

13,751

3,426

17,177

  Pooled funds

8,860

4,474

13,334

2,725

16,059


18,597

8,488

27,085

6,151

33,236

Net flows:






  Segregated mandates

(3,507)

(881)

(4,388)

(1,382)

(5,770)

  Pooled funds

3,128

1,186

4,314

1,304

5,618


(379)

305

(74)

(78)

(152)

 

 

 

 

OVERALL NEW BUSINESS FLOWS FOR 11 MONTHS TO 31 AUGUST 2012 - BY ASSET CLASS

 


6 mths to 31 Mar 12

£m

3 mths to 30 Jun 12

£m

9 mths to 30 Jun 12

£m

2 mths to 31 Aug 12

£m

11 mths to 31 Aug 12

£m

Gross inflows:






  Equities

11,343

5,378

16,721

3,756

20,477

  Fixed income

3,355

1,463

4,818

1,060

5,878

  Aberdeen solutions

1,154

578

1,732

338

2,070

  Property

362

182

544

210

754

  Money market

2,004

1,192

3,196

709

3,905


18,218

8,793

27,011

6,073

33,084

Outflows:






  Equities

6,445

2,870

9,315

1,755

11,070

  Fixed income

5,685

3,073

8,758

2,354

11,112

  Aberdeen solutions

2,969

1,128

4,097

1,069

5,166

  Property

630

118

748

189

937

  Money market

2,868

1,299

4,167

784

4,951


18,597

8,488

27,085

6,151

33,236

Net flows:






  Equities

4,898

2,508

7,406

2,001

9,407

  Fixed income

(2,330)

(1,610)

(3,940)

(1,294)

(5,234)

  Aberdeen solutions

(1,815)

(550)

(2,365)

(731)

(3,096)

  Property

(268)

64

(204)

21

(183)

  Money market

(864)

(107)

(971)

(75)

(1,046)


(379)

305

(74)

(78)

(152)

 

 



NEW BUSINESS FLOWS FOR 11 MONTHS TO 31 AUGUST 2012 - EQUITIES

 


6 mths to 31 Mar 12

£m

3 mths to 30 Jun 12

£m

9 mths to 30 Jun 12

£m

2 mths to 31 Aug 12

£m

11 mths to 31 Aug 12

£m

Gross inflows:

 

  Asia Pacific

2,569

1,654

4,223

1,152

5,375

  Global emerging markets

6,129

2,217

8,346

1,499

9,845

  Europe

53

6

59

31

90

  Global & EAFE

2,409

1,200

3,609

1,027

4,636

  UK

55

43

98

9

107

  US

128

258

386

38

424


11,343

5,378

16,721

3,756

20,477

Outflows:






  Asia Pacific

1,915

804

2,719

644

3,363

  Global emerging markets

2,510

1,423

3,933

741

4,674

  Europe

100

42

142

31

173

  Global & EAFE

1,297

429

1,726

249

1,975

  UK

147

84

231

35

266

  US

476

88

564

55

619


6,445

2,870

9,315

1,755

11,070

Net flows:






  Asia Pacific

654

850

1,504

508

2,012

  Global emerging markets

3,619

794

4,413

758

5,171

  Europe

(47)

(36)

(83)

-

(83)

  Global & EAFE

1,112

771

1,883

778

2,661

  UK

(92)

(41)

(133)

(26)

(159)

  US

(348)

170

(178)

(17)

(195)


4,898

2,508

7,406

2,001

9,407

 

 



NEW BUSINESS FLOWS FOR 11 MONTHS TO 31 AUGUST 2012 - FIXED INCOME

 


6 mths to 31 Mar 12

£m

3 mths to 30 Jun 12

£m

9 mths to 30 Jun 12

£m

2 mths to 31 Aug 12

£m

11 mths to 31 Aug 12

£m

 

Gross inflows:






 

  Asia Pacific

380

105

485

73

558

 

  Australia

1,337

487

1,824

299

2,123

 

  Convertibles

54

23

77

21

98

 

  Currency overlay

88

4

92

8

100

 

  Emerging markets

784

535

1,319

399

1,718

 

  Europe

122

33

155

68

223

 

  Global

70

21

91

7

98

 

  High yield

218

60

278

37

315

 

  UK

63

101

164

100

264

 

  US

239

94

333

48

381

 


3,355

1,463

4,818

1,060

5,878

 

Outflows:






 

  Asia Pacific

159

601

760

59

819

 

  Australia

1,595

624

2,219

276

2,495

 

  Convertibles

66

34

100

11

111

 

  Currency overlay

144

31

175

46

221

 

  Emerging markets

451

339

790

166

956

 

  Europe

185

229

414

208

622

 

  Global

1,589

86

1,675

1,162

2,837

 

  High yield

94

75

169

26

195

 

  UK

1,061

731

1,792

289

2,081

 

  US

341

323

664

111

775

 


5,685

3,073

8,758

2,354

11,112

 

Net flows:






  Asia Pacific

221

(496)

(275)

14

(261)

 

  Australia

(258)

(137)

(395)

23

(372)

 

  Convertibles

(12)

(11)

(23)

10

(13)

 

  Currency overlay

(56)

(27)

(83)

(38)

(121)

 

  Emerging markets

333

196

529

233

762

 

  Europe

(63)

(196)

(259)

(140)

(399)

 

  Global

(1,519)

(65)

(1,584)

(1,155)

(2,739)

 

  High yield

124

(15)

109

11

120

 

  UK

(998)

(630)

(1,628)

(189)

(1,817)

 

  US

(102)

(229)

(331)

(63)

(394)

 


(2,330)

(1,610)

(3,940)

(1,294)

(5,234)

 

 

NEW BUSINESS FLOWS FOR 11 MONTHS TO 31 AUGUST 2012 - ABERDEEN SOLUTIONS

 


6 mths to 31 Mar 12

£m

3 mths to 30 Jun 12

£m

9 mths to 30 Jun 12

£m

2 mths to 31 Aug 12

£m

11 mths to 31 Aug 12

£m

Gross inflows:






  Indexed equities

4

4

8

1

9

  Multi asset

459

140

599

158

757

  Long only multi manager

629

408

1,037

155

1,192

  Funds of hedge funds

62

26

88

24

112

  Funds of private equity

-

-

-

-

-


1,154

578

1,732

338

2,070

Outflows:






  Indexed equities

310

386

696

176

872

  Multi asset

498

265

763

334

1,097

  Long only multi manager

1,666

323

1,989

302

2,291

  Funds of hedge funds

494

154

648

257

905

  Funds of private equity

1

-

1

-

1


2,969

1,128

4,097

1,069

5,166

Net flows:






  Indexed equities

(306)

(382)

(688)

(175)

(863)

  Multi asset

(39)

(125)

(164)

(176)

(340)

  Long only multi manager

(1,037)

85

(952)

(147)

(1,099)

  Funds of hedge funds

(432)

(128)

(560)

(233)

(793)

  Funds of private equity

(1)

-

(1)

-

(1)


(1,815)

(550)

(2,365)

(731)

(3,096)

 

 


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