A global investment management group, managing assets for both institutional and retail clients from offices around the world. I have a holding in my income portfolio (epic code: ADN).
Aberdeen Asset Management released their first quarter IMS today. Assets under management at 31 December were £323.3bn down £1.1bn from the 30 September 2014.
The fall of £1.1bn was due to net outflows of £4.8bn that were partially offset by £1.3bn of market performance and £2.4bn of foreign exchange movements.
In their outlook management stated: "...As this quarter has demonstrated, investor sentiment remains fragile and we expect global markets and demand for investment products to continue to be volatile. Despite the headline net outflow, we are winning new business at good fee margins and we remain disciplined in managing costs..."
Despite a difficult quarter, although probably just December from CEO Martin Gilbert's comments "...October and November were encouraging... However, December was a reminder that investor sentiment remains fragile...", I remain satisfied with ADN as a core holding in my income portfolio and my views are unchanged from my comments here after their preliminary announcement.
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