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Company Aberdeen Asset Management PLC
TIDM ADN
Headline

Interim Management Statement

Released 07:00 29-Jul-2013
Number 3050K07

RNS Number : 3050K
Aberdeen Asset Management PLC
29 July 2013
 



ABERDEEN ASSET MANAGEMENT PLC

INTERIM MANAGEMENT STATEMENT - NINE MONTHS TO 30 JUNE 2013

 

Highlights

·     Assets under management £209.6 billion

·     £9.7 billion of new business won in the quarter; £34.3 billion for the nine months to 30 June 2013

·     Net outflows of £3.4 billion during the quarter, of which £0.3 billion relates to AuM acquired from Artio

·     Net outflows mainly from lower margin products

·     Gross inflows to GEM equities slowed by our capacity management measures

·     Small net outflow from GEM equities is in line with our expectations and largely offset by net inflows to Asia Pacific

·     Net new business inflows of £1.0 billion for the nine months to 30 June 2013

 

Martin Gilbert, Chief Executive of Aberdeen, commented:

"We have delivered resilient figures during the third quarter given the volatile global market conditions. Our disciplined investment approach meant a broad range of our products attracted interest from investors although towards the end of the period outflows increased due to heightened market turbulence. The net outflow also reflects the deliberate steps we have taken to manage the capacity of our Global Emerging Market equity funds for the benefit of existing clients. 

 

"During the quarter we were pleased to complete two transactions - Artio Global Investors and SVG Advisors - and I would like to welcome our new colleagues to the group. The investment capabilities that these two businesses bring, alongside our existing expertise across equities, fixed income, property and solutions means we are well placed to continue to meet the long-term needs of our clients in what is likely to remain a difficult environment."

 

Assets under management ("AuM") at 30 June 2013 totalled £209.6 billion, a 1% decrease on 31 March 2013, as summarised in the following table.

 

 


 

Equities

£bn

Fixed income

£bn

Aberdeen

solutions

£bn

 

Property

£bn

Money market

£bn

 

Total

£bn

AuM at 31 March 2013

124.3

37.4

24.4

18.5

7.7

212.3

Corporate transactions

0.8

5.9

4.3

-

-

11.0

Net new business flows - exc Artio

(0.5)

(1.4)

(0.8)

(0.3)

(0.1)

(3.1)

Net new business flows - Artio

(0.1)

(0.2)

-

-

-

(0.3)

Market movements, performance & FX

(6.6)

(2.8)

(0.5)

(0.2)

(0.2)

(10.3)

AuM at 30 June 2013

118.0

38.8

27.4

18.0

7.4

209.6

 

 

We added gross new business totalling £9.7 billion in the quarter, compared to £8.8 billion for the same quarter last year, bringing the total for the nine month period to 30 June 2013 to £34.3 billion (2012: £27.0 billion). Gross inflows have reduced compared to previous quarters, largely due to the success of the further action we have taken to manage capacity in our global emerging market equity ("GEM") funds.

 

Overall, we saw net new business outflows for the quarter of £3.1 billion from the Group's existing AuM (2012: net inflow £0.3 billion), and a further net outflow of £0.3 billion from the AuM acquired from Artio; there were no net flows in relation to the assets acquired with the SVG transaction. Approximately £2.5 billion of the net outflows occurred in June, as investor sentiment reacted to increased market volatility. There was a small net outflow from equities and, in particular, the £0.9 billion of net outflows from GEM funds was consistent with our expectations of the impact of our capacity management action. This was partially offset by flows into our Asia Pacific equity strategies, including Japanese equities where we continue to see interest. Recent volatility in markets undoubtedly had an impact on investor sentiment and net flows to our emerging market debt funds turned negative in the last few weeks of the quarter. Nevertheless, for the nine month period to 30 June 2013 net new business inflows totalled £1.0 billion (2012: net outflow £0.1 billion).

 

An analysis of the new business figures for the nine months to 30 June 2013 is provided at the end of this statement.

 

Our long term investment philosophy and disciplined process have again served investors well, despite the difficult market conditions experienced from time to time, and this is reflected in solid performance against benchmarks.

 

During the quarter, we completed the two small infill transactions we announced earlier in the year - Artio Global Investors, which has added £5.9 billion of fixed income and £0.8 billion of international equity AuM, and SVG Advisers Limited, which brought £4.3 billion in funds of private equity. As mentioned above, and consistent with expectations, we saw some small net outflows from the Artio AuM in the period after completion of the transaction.

 

We continue to focus our distribution effort on markets with the largest asset pools, particularly USA and Europe. The brand refresh which we implemented in mid-May has been well received and we believe this to be an important component in our effort to broaden our distribution into these markets. 

 

As recent weeks have demonstrated, global markets remain susceptible to volatility but we continue to trade in line with our expectations and we remain confident that we can continue the organic growth of the Group's revenue and profit.

 

 

For further information please contact:

 

Aberdeen Asset Management PLC             

Martin Gilbert                Chief Executive             +44 (0) 20 7463 6000

Bill Rattray                   Finance Director           +44 (0) 20 7463 6000

 

Maitland                                                         

Neil Bennett                                                      +44 (0) 20 7379 5151

Tom Eckersley                                                  +44 (0) 20 7379 5151

 

Management will host a conference call for analysts and institutions at 08:00 BST today.

Participant Joining Details

UK Freefone:                                                    0800 783 0906

UK Direct:                                                        01296 480 100

International direct:                                            +44 1296 480 100

Passcode:                                                         424 106

 

 

ASSETS UNDER MANAGEMENT AT 30 JUNE 2013

 


31 Mar 13

£bn

30 Jun 13

£bn

  Equities

124.3

118.0

  Fixed income

37.4

38.8

  Aberdeen solutions

24.4

27.4

  Property

18.5

18.0

  Money market

7.7

7.4


212.3

209.6

Segregated mandates

110.2

105.7

Pooled funds

102.1

103.9


212.3

209.6

 

OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2013 - BY MANDATE TYPE

 


Qtr to

31 Dec 12

£m

Qtr to

31 Mar 13

£m

6 mths to

31 Mar 13

£m

Qtr to

30 Jun 13

£m

9 mths to

30 Jun 13

£m

Gross inflows:






  Segregated mandates

3,328

2,996

6,324

2,594

8,918

  Pooled funds

7,476

10,804

18,280

6,938

25,218

Total excluding Artio

10,804

13,800

24,604

9,532

34,136

Artio

-

-

-

126

126


10,804

13,800

24,604

9,658

34,262

Outflows:






  Segregated mandates

4,905

4,028

8,933

4,577

13,510

  Pooled funds

4,841

6,438

11,279

8,022

19,301

Total excluding Artio

9,746

10,466

20,212

12,599

32,811

Artio

-

-

-

411

411


9,746

10,466

20,212

13,010

33,222

Net flows:






  Segregated mandates

(1,577)

(1,032)

(2,609)

(1,983)

(4,592)

  Pooled funds

2,635

4,366

7,001

(1,084)

5,917

Total excluding Artio

1,058

3,334

4,392

(3,067)

1,325

Artio

-

-

-

(285)

(285)


1,058

3,334

4,392

(3,352)

1,040

 

OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2013 - BY ASSET CLASS

 


Qtr to

31 Dec 12

£m

Qtr to

31 Mar 13

£m

6 mths to

31 Mar 13

£m

Qtr to

30 Jun 13

£m

9 mths to

30 Jun 13

£m

Gross inflows:






  Equities

6,701

10,052

16,753

6,066

22,819

  Fixed income

1,950

1,862

3,812

1,786

5,598

  Aberdeen solutions

1,089

668

1,757

467

2,224

  Property

176

68

244

325

569

  Money market

888

1,150

2,038

888

2,926

Total excluding Artio

10,804

13,800

24,604

9,532

34,136

Artio

-

-

-

126

126


10,804

13,800

24,604

9,658

34,262

Outflows:






  Equities

3,587

5,327

8,914

6,529

15,443

  Fixed income

2,725

2,449

5,174

3,144

8,318

  Aberdeen solutions

1,532

1,340

2,872

1,317

4,189

  Property

549

106

655

613

1,268

  Money market

1,353

1,244

2,597

996

3,593

Total excluding Artio

9,746

10,466

20,212

12,599

32,811

Artio

-

-

-

411

411


9,746

10,466

20,212

13,010

33,222

Net flows:






  Equities

3,114

4,725

7,839

(463)

7,376

  Fixed income

(775)

(587)

(1,362)

(1,358)

(2,720)

  Aberdeen solutions

(443)

(672)

(1,115)

(850)

(1,965)

  Property

(373)

(38)

(411)

(288)

(699)

  Money market

(465)

(94)

(559)

(108)

(667)

Total excluding Artio

1,058

3,334

4,392

(3,067)

1,325

Artio

-

-

-

(285)

(285)


1,058

3,334

4,392

(3,352)

1,040

 

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2013 - EQUITIES

 


Qtr to

31 Dec 12

£m

Qtr to

31 Mar 13

£m

6 mths to

31 Mar 13

£m

Qtr to

30 Jun 13

£m

9 mths to

30 Jun 13

£m

Gross inflows:






  Asia Pacific

2,415

4,430

6,845

3,088

9,933

  Global emerging markets

3,260

4,482

7,742

1,682

9,424

  Europe

23

24

47

44

91

  Global & EAFE

926

1,038

1,964

1,131

3,095

  UK

25

41

66

49

115

  US

52

37

89

72

161

Total excluding Artio

6,701

10,052

16,753

6,066

22,819

Artio

-

-

-

51

51


6,701

10,052

16,753

6,117

22,870

Outflows:






  Asia Pacific

991

1,390

2,381

2,344

4,725

  Global emerging markets

1,563

2,914

4,477

2,608

7,085

  Europe

50

39

89

82

171

  Global & EAFE

617

873

1,490

892

2,382

  UK

72

55

127

67

194

  US

294

56

350

536

886

Total excluding Artio

3,587

5,327

8,914

6,529

15,443

Artio

-

-

-

112

112


3,587

5,327

8,914

6,641

15,555

Net flows:






  Asia Pacific

1,424

3,040

4,464

744

5,208

  Global emerging markets

1,697

1,568

3,265

(926)

2,339

  Europe

(27)

(15)

(42)

(38)

(80)

  Global & EAFE

309

165

474

239

713

  UK

(47)

(14)

(61)

(18)

(79)

  US

(242)

(19)

(261)

(464)

(725)

Total excluding Artio

3,114

4,725

7,839

(463)

7,376

Artio

-

-

-

(61)

(61)


3,114

4,725

7,839

(524)

7,315

 

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2013 - FIXED INCOME

 


Qtr to

31 Dec 12

£m

Qtr to

31 Mar 13

£m

6 mths to

31 Mar 13

£m

Qtr to

30 Jun 13

£m

9 mths to

30 Jun 13

£m

Gross inflows:






  Asia Pacific

160

166

326

218

544

  Australia

395

268

663

330

993

  Convertibles

17

32

49

54

103

  Currency overlay

13

57

70

36

106

  Emerging markets

1,043

946

1,989

448

2,437

  Europe

60

30

90

50

140

  Global

15

81

96

23

119

  High yield

136

197

333

164

497

  UK

66

23

89

372

461

  US

45

62

107

91

198

Total excluding Artio

1,950

1,862

3,812

1,786

5,598

Artio

-

-

-

75

75


1,950

1,862

3,812

1,861

5,673

Outflows:






  Asia Pacific

175

131

306

533

839

  Australia

780

383

1,163

495

1,658

  Convertibles

9

14

23

24

47

  Currency overlay

114

9

123

9

132

  Emerging markets

233

403

636

690

1,326

  Europe

346

249

595

271

866

  Global

436

160

596

26

622

  High yield

48

114

162

137

299

  UK

434

821

1,255

765

2,020

  US

150

165

315

194

509

Total excluding Artio

2,725

2,449

5,174

3,144

8,318

Artio

-

-

-

299

299


2,725

2,449

5,174

3,443

8,617

Net flows:






  Asia Pacific

(15)

35

20

(315)

(295)

  Australia

(385)

(115)

(500)

(165)

(665)

  Convertibles

8

18

26

30

56

  Currency overlay

(101)

48

(53)

27

(26)

  Emerging markets

810

543

1,353

(242)

1,111

  Europe

(286)

(219)

(505)

(221)

(726)

  Global

(421)

(79)

(500)

(3)

(503)

  High yield

88

83

171

27

198

  UK

(368)

(798)

(1,166)

(393)

(1,559)

  US

(105)

(103)

(208)

(103)

(311)

Total excluding Artio

(775)

(587)

(1,362)

(1,358)

(2,720)

Artio

-

-

-

(224)

(224)


(775)

(587)

(1,362)

(1,582)

(2,944)

 

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2013 - ABERDEEN SOLUTIONS

 


Qtr to

31 Dec 12

£m

Qtr to

31 Mar 13

£m

6 mths to

31 Mar 13

£m

Qtr to

30 Jun 13

£m

9 mths to

30 Jun 13

£m

Gross inflows:






  Indexed equities

46

1

47

-

47

  Multi asset

535

418

953

208

1,161

  Long only multi manager

458

208

666

239

905

  Funds of hedge funds

50

41

91

20

111


1,089

668

1,757

467

2,224

Outflows:






  Indexed equities

98

151

249

291

540

  Multi asset

350

205

555

180

735

  Long only multi manager

747

686

1,433

619

2,052

  Funds of hedge funds

337

298

635

227

862


1,532

1,340

2,872

1,317

4,189

Net flows:






  Indexed equities

(52)

(150)

(202)

(291)

(493)

  Multi asset

185

213

398

28

426

  Long only multi manager

(289)

(478)

(767)

(380)

(1,147)

  Funds of hedge funds

(287)

(257)

(544)

(207)

(751)


(443)

(672)

(1,115)

(850)

(1,965)

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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