Aberdeen Asset Management reported £292.8 billion ($421.4 billion) in assets under management as of March 31, up 3.2% from six months earlier, but down 11.4% year-over-year, as emerging markets weakness and equities net outflows continued to hit the money manager.
Over the quarter ended March 31, assets increased 0.76%, said the firm's six-month financial update.
Market appreciation and performance of £10.1 billion, corporate transactions totaling £7.8 billion and positive foreign-exchange effects of £7.9 billion over the six months ended March 31 more than offset net outflows of £16.7 billion. Equities net outflows for the six months were £9.8 billion; fixed-income net outflows totaled £2.3 billion; and the firm's solutions business recorded net outflows of £5.6 billion. Aberdeen's real estate business had net inflows of £1 billion for the six-month period.
Over the three months ended March 31, Aberdeen saw net outflows of £7.6 billion, compared to net outflows of £6.5 billion for the quarter ended March 31, 2015. Market effects were not available for these periods.
“These results reflect the challenging conditions Aberdeen has faced during the past three years, in particular the weakness in emerging markets,” said CEO Martin Gilbert in a statement accompanying the update. “However, our balance sheet strength has allowed us to continue to invest in the business, including the completion of a number of bolt-on acquisitions, which have added new capabilities and new client channels.”