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Aberdeen Asset Management sees profit growth, net capital outflow

Xinhua, May 5, 2015 Adjust font size:

Aberdeen Asset Management Tuesday announced an underlying profit before tax of 270.2 million pounds (410 million U.S. dollars) for the six months ending on March 31, around 25 percent higher than the same period a year earlier.

Net revenue of the British fund management company increased 20 percent to 605 million pounds for the half year to 31 March, 2015. Underlying diluted earnings per share (EPS) grew by 13 percent to 16.2 pence, or 0.162 pounds, said Aberdeen in a statement.

At the end of the first quarter, Aberdeen's assets under management (AUM) increased by 2 percent on year-on-year basis to 330.6 billion pounds, boosted by market movements and performance as well as foreign exchange movements.

Net new business outflows to Aberdeen and SWIP, a company Aberdeen acquired in 2014, were 7.9 billion and 3.4 billion pounds respectively in the half year to Q1 2015, data showed.

Martin Gilbert, CEO of Aberdeen, said: "Gross new business inflows have continued to grow. However, they have been offset by outflows, which reflect changes in asset allocation driven by macro-economic factors and some structural outflows from certain clients."

Roger Cornick, the group's chairman, said: "The potential for global economic and political uncertainty remains and we expect operating conditions to remain challenging in the short term."

Aberdeen completed the acquisition of Scottish Widows Investment Partnership Group Limited from Lloyds Banking Group plc in early 2014. (1 pound = 1.51 U.S. dollars) Endit