Growth attributed to return of investor appetite for risk assets and higher yield returns
Aberdeen Asset Management has posted a rise in first half turnover and profits on a return of investor appetite for risk assets and higher yield returns.
The asset management firm, based in Aberdeen, said revenues rose by seven per cent in the six months to March 31 to £413 million.
Pre-tax profits rose by 14 per cent to £162.2 million, with fees from new business outstripping gains frrom existing assets under management, particularly from clients looking to invest in the growing Asian markets.
Assets under management rose by two per cent to £184.7 billion on the same period a year ago.
Chief executive Martin Gilbert said: “Aberdeen has achieved further growth in revenue and profit in the first half year, continuing the momentum of 2010 and 2011.
"Global economic conditions remain uncertain and any recovery is still tentative.
“Nevertheless, we remain confident that our long term investment philosophy and process, coupled with the scale and diversity of our business and financial strength, leave us well placed to meet the expectations of our investors.”
Aberdeen today confirmed it has made an approach to Dundee-based Alliance Trust offering to manage its £2.1 billion investment fund.
Gilbert said he was concerned the Alliance Trust fund would be outsourced to a firm outside of Scotland, which he said was his “main driver” for making the approach.