Aberdeen Asset Management Plc (ADN) reported lower first-half profit and 8.8 billion pounds ($14.9 billion) of net outflows as negative emerging-market sentiment prompted investors to withdraw funds. The shares fell.
The company posted a 3 percent decline in underlying pretax profit to 217 million pounds to March 31 as revenue slid 2 percent, according to a statement today. Assets under management still increased to 324.5 billion pounds, boosted by Aberdeen’s acquisition of Scottish Widows Investment Partnership.
“Aberdeen has delivered a resilient set of numbers, given the difficult backdrop for emerging markets,” Chief Executive Officer Martin Gilbert said in the statement. “There are signs of a pick-up in sentiment toward emerging economies as investors are again identifying opportunities and recognizing the fundamental strengths of these markets.”
The shares were down 4.8 percent to 424 pence in London trading at 9:10 a.m. today. The Aberdeen, Scotland-based company has declined 15 percent this year as reduced stimulus from the U.S. Federal Reserve tempers demand for riskier assets.
The company increased its first-half dividend 12.5 percent to 6.75 pence a share.
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