Aberdeen Asset Management reported £74.4 billion ($135.92 billion) in assets under management as of March 31, up 24.6% from Sept. 30, according to financial results released today. This included £5.5 billion in gross new business.
Following last year's acquisition of the U.K. and U.S. portions of Deutsche Asset Management, Aberdeen retained about £9 billion in assets linked to DeAM's equities and multiasset businesses. That represents about 54% of DeAM's assets in those businesses. At the time of the acquisition, which was finalized Sept. 30, Aberdeen estimated it would retain about 30%. If no further clients are lost by June 30, Aberdeen estimates it will pay between £20 million and £25 million for that portion of the acquisition.
Aberdeen quadrupled its pre-tax profits in the six months ended March 31 as a result of the acquisition. Pre-tax profit rose to £36.8 million from £9 million in the same six-month period in 2005.
Fixed-income assets under management surged to £37.4 billion as of March 31 from £22.3 billion six months before. Aberdeen acquired DeAM's U.S.-based fixed-income business in December 2005. Both the U.K. and U.S. fixed-income businesses remained largely intact, with at least 95% of clients remaining with the newly combined company.