Aberdeen Asset Management reported £324.5 billion ($551.2 billion) in assets under management as of March 31, a 62% increase from six months earlier, due to the completion of the acquisition of Scottish Widows Investment Partnership, according to a financial statement Tuesday.
However, excluding the assets brought on board by SWIP, AUM fell 5% over the six-month period.
The money manager recorded net outflows of £8.8 billion for the six months ended March 31, with equities accounting for 92% of net outflows, or £8.1 billion. Money market funds had net outflows of £800 million, the Aberdeen solutions division recorded net outflows of £700 million, and fixed-income assets had net outflows of £100 million. Real estate, however, saw net inflows of £900 million over the same period.
Investors continued to withdraw funds from global emerging markets equity allocations, with net outflows over the six months ended March 31 of £3.6 billion.
Over the six months ended March 31, net revenue was down 2%, to £503.5 million, compared with the six months ended March 31, 2013. Net income was £136.9 million for the six months ended March 31, down 11% compared with the year-earlier period.
“Aberdeen has delivered a resilient set of numbers in this half-year, given the difficult backdrop for emerging markets,” said Martin Gilbert, CEO of Aberdeen Asset Management, in a news release. “There are signs of a pickup in sentiment towards emerging economies, as investors are again identifying opportunities and recognizing the fundamental strengths of these markets.”