Aberdeen Asset Management reported £301.4 billion ($403.7 billion) in assets under management as of June 30, up 2.9% from the previous quarter, despite £8.9 billion in net outflows, said the firm’s nine-month trading update.
The quarter-over-quarter increase came as a result of £9 billion in market appreciation and £8.5 billion in exchange movements that overcame the net outflows.
“We continue to benefit from the diversified asset and client base of the business,” said CEO Martin Gilbert in a statement accompanying the update. “Currency, exposure to a broad mix of assets and good investment performance outweighed the net outflows the business experienced this quarter.”
Equity net outflows for the second quarter were £2.9 billion; multiasset net outflows were £1.7 billion, fixed-income net outflows, £1 billion; and quantitative strategies’ net outflows, £600 million.
For the nine months ended June 30, the firm had a total of £25.6 billion in net outflows. Every single asset class has had net outflows in that time period: equities at £12.7 billion; multiasset at £5.6 billion; fixed income, £3.2 billion; quantitative strategies, £2.2 billion; alternatives, £1.4 billion; and property, £489 million.
Mr. Gilbert added in the statement that Brexit might undermine market confidence.
“We remain well placed to take advantage, on behalf of our clients, of any weakness and will continue to focus on fundamentals rather than be distracted by market noise,” he said.