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Aberdeen sees further outflows as investors shun GEMs

by James Phillipps on Jan 16, 2014 at 07:39

Aberdeen sees further outflows as investors shun GEMs

Aberdeen Asset Management saw further outflows in the fourth quarter as investor sentiment towards emerging markets remained weak.

The group saw outflows of £11.2 billion in Q4, down from £13.2 billion in the third quarter, although net outflows were slightly higher at £4.4 billion versus £3.6 billion. Gross inflows were also weaker at £6.8 billion compared to £9.6 billion in the previous three months.

Total assets under management fell from £200.4 billion to £193.6 billion quarter-on-quarter.

On a brighter note, Aberdeen reported that its blended fee rate continues to improve and is now 51.3bps up from 50bps over the first nine months of the year.

The group also pointed to ‘encouraging flows into emerging market bonds, high yield and property strategies’.

Chief executive Martin Gilbert (pictured) told the stock market: ‘Business flows reflected the continuing negative sentiment towards Asian and emerging markets generally, particularly later in the quarter.

‘However, we believe the fundamental attractions of the Asian and developing economies and companies that we invest in are compelling. We remain committed to our rigorous investment process and are confident that we will sustain our record of long term outperformance.’

The group added that its application for regulatory approval of its acquisition of Swip is progressing, but is not yet complete.

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