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Aberdeen AM June quarter assets hit by client withdrawal
July 28, 2014 / 6:27 AM / 3 years ago

Aberdeen AM June quarter assets hit by client withdrawal

LONDON, July 28 (Reuters) - Emerging markets focused fund manager Aberdeen Asset Management said assets dipped in the June quarter, hit by a large withdrawal by one client, although broader investor sentiment had improved.

Assets under management fell 0.6 percent quarter on quarter to 322.5 billion pounds ($547.67 billion), it said in a statement on Monday, after a client pulled around 4 billion pounds from Aberdeen’s funds.

Excluding the withdrawal, underlying net outflows from global emerging market equities were 200 million pounds, it said.

Aberdeen said it had seen 3.3 billion pounds leave its recently acquired SWIP business in the quarter, although integration of the fund arm of Lloyds Banking Group, was on schedule in terms of timing and expected cost synergies.

The company said its equity funds had delivered healthy outperformance against their respective benchmarks during first half of 2014, and that, with investor sentiment showing signs of improving, it was confident of boosting revenue and profit through organic growth.

Aberdeen said it had more than 2 billion pounds of mandates awarded but not funded at the end of June. ($1 = 0.5889 British Pounds) (Reporting by Simon Jessop; Editing by Nishant Kumar)

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