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May 02, 2006 01:00 AM

Aberdeen hangs on to more DeAM clients than expected

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    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 &pound:9 million in the same six-month period in 2005.

    Fixed-income assets under management surged to &pound:37.4 billion as of March 31 from &pound: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.

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