2 Min Read
* Assets hit 184.3 bln stg at end-August
* Net outflows 100 million in July & August
* Clients exit lower margin, buy higher margin
LONDON, Sept 24 (Reuters) - Aberdeen Asset Management reported net ouflows in the two months to the end of August, as a strong recovery in global markets failed to persuade more clients to invest their cash.
The fund manager, which is headed by chief executive Martin Gilbert, said in a trading update on Monday positive performance in its fund range had outweighed the 100 million pounds ($163 million) of net outflows, however.
This helped assets under management rise to 184.3 billion pounds at end-August, up from 182.7 billion pounds two months earlier.
Central bank action to boost flagging economies has helped spur strong gains in stock markets over the past couple of months, boosting demand for equity fund products, although jitters about the euro zone debt crisis mean clients remain nervous.
Aberdeen said clients continued to buy into its higher margin pooled products in the two months, including global emerging markets and global equities funds, and exit its lower margin segregated manadates focused on fixed income.
"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," Gilbert said in the statement.
Shares in FTSE 100-listed Aberdeen closed at 308.5 pence on Friday.