Aberdeen Has $5.2 Billion of Outflows on Emerging Markets
Aberdeen Asset Management Plc (ADN), Scotland’s largest money manager, posted 3.4 billion pounds ($5.2 billion) of quarterly outflows as investors pulled money from its equity and emerging-market funds.
Clients removed about 2.5 billion pounds in June as market volatility increased, the Aberdeen, Scotland-based firm said in a statement today. That helped to cut assets under management to 209.6 billion pounds at the end of June from 212.3 billion pounds at the end of March.
“We have delivered resilient figures during the third quarter given the volatile global market conditions,” Chief Executive Officer Martin Gilbert said in the statement. “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.”
The stock fell 2.4 percent to 398.1 pence as of 8:03 a.m. in London trading, for a market value of about 4.8 billion pounds.
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